Despite earlier success, marijuana banking may be a ways off

In September 2023, the Senate Banking Committee approved the Secure and Fair Enforcement Regulation (SAFER) Banking Act, enabling the bill to move to the Senate floor for broader approval. The action marked a big step for cannabis businesses who have been forced to deal primarily in cash, raising safety concerns.

An earlier version of the bill dubbed the SAFE Banking Act had passed the House of Representatives seven times. Seven times it was shut out in the Senate despite bipartisan support.

Though the passage of the SAFER Banking Act would not legalize marijuana, it would provide cannabis businesses with access to deposit accounts, insurance and other financial services.

In spite of the bill making it past the Senate Banking Committee, many see more hurdles yet ahead. Last week, Senate Majority Leader Chuck Schumer (D-NY) said that while marijuana banking legislation remains a priority, nothing would come of it without bipartisanship.

 

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