Majority Leader Hoyer on Friday announced that members of the House are anticipated to hold a floor vote next week on The SAFE Banking Act (HR1595), which explicitly permits banks and other financial institutions to work directly with state-legal marijuana businesses.
“The upcoming banking vote is an important first step by Congress, but in no way should it be the last,” said NORML Political Director Justin Strekal. “Much more action will still need to be taken by lawmakers, in particular efforts to move forward and pass comprehensive reform legislation like The MORE Act — which is sponsored by the Chair of the House Judiciary — in order to ultimately comport federal law with the new political and cultural realities surrounding marijuana.”
Today, almost no state-licensed cannabis businesses can legally obtain a bank account, process credit cards, or take standard business deductions on their federal taxes. This is because federal law continues to inappropriately define all marijuana-related endeavors as criminal enterprises, including those commercial activities that are licensed and legally regulated under state laws.