Why the SAFE Banking Act won’t solve all cannabis’ payment problems
One down, two more steps to go: That’s the situation with the federal SAFE Banking Act, which recently won approval by the U.S House of Representatives. The bill promises to open up cashless payments for the growing retail cannabis industry. If the bill were to win approval by the U.S. Senate, then President Trump, it would become law.
Prospects of that happening are, at best, uncertain, according to most experts. However, no matter what happens, the recent success of the SAFE Banking Act in the House still raises important issues, and shines a needed light on parts of the legal retail cannabis industry, as discussed in a recent conversation between Karen Webster of PYMNTS and David Durant, executive vice president and general counsel for payment services provider YapStone.
Among the most interesting messages? Even if the SAFE Banking Act does become law, that won’t spell the end of payment challenges for the legal cannabis industry. “The SAFE Banking Act itself might not be the ultimate answer,” Durant told Webster, “but perhaps the late beginning of a conversation that is overdue.”
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