The Secure and Fair Enforcement (SAFE) Banking Act would permit banks from servicing legal cannabis businesses throughout the country, in states where marijuana is legal, without fear of federal reprisal. The majority of these small businesses are cash-only as a result of current federal regulations. The SAFE Banking Act would prevent banking regulators from prohibiting, penalizing or discouraging a bank from working with a state-sanctioned and regulated cannabis business. It would also protect banks working with others, such as a lawyer or landlord servicing a cannabis business. The SAFE Banking Act would be a significant stride towards legal reform for the cannabis industry, helping it move out of a cash economy and into a place where businesses can use cashless payment options such as credit and debit cards, while also accessing necessary financial services more easily.
Please click here to view our SAFE Banking Act State of Play memo.