First introduced in 2013, the SAFE Banking Act just passed the House 321-103. This bill, an exciting and promising development for cannabis advocates, provides safe harbor to banks and financial institutions doing business with state-legal cannabis businesses, and allows cannabis businesses to move away from conducting business exclusively in cash.
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Federal statutes create risk for banks that want to operate in the cannabis space. Banks face the threat of civil actions, asset forfeiture, reputational risk, and even criminal penalties if they do business with customers in the cannabis industry. Further, because most banks will not touch cannabis money, the growers, processors, and retailers in the…
116th Congress’ first cannabis-related hearing
Next week, Congress will hold a long-awaited hearing on the future of banking in the cannabis industry.
On Wednesday the 13th, the House Financial Services Committee Consumer Protection and Financial Institutions Subcommittee will convene a hearing entitled, “Challenges and Solutions: Access to Banking Services for Cannabis-Related Businesses.”
Among the discussion…
On Wednesday, January 9, 2019, Rep. Earl Blumenauer (D-OR) announced the leadership team of the Congressional Cannabis Caucus for the 116th Congress. In addition to Mr. Blumenauer, the Caucus will be co-chaired by Rep. Barbara Lee (D-CA), Rep. Dave Joyce (R-OH) and Rep. Don Young (R-AK).
Mr. Blumenauer helped found the Caucus in 2017 with the goal of providing a bipartisan forum for discussing and collaborating on sensible federal cannabis legislation. The Caucus has a particular focus on harmonizing federal and state laws with regard to medicinal or adult-use of cannabis. The group also works to address issues related to researching cannabis, providing veterans access to medicinal marijuana and business needs, including reforming the tax code. Two of the founding co-chairs have since left Congress: Rep. Dana Rohrabacher (R-CA), who lost his re-election bid in November, and Rep. Jared Polis (D-CO), who was elected governor of Colorado.…