The latest COVID stimulus package proposed by House leadership maintains provisions permitting licensed cannabis businesses…
Category: Banking
Some opponents of marijuana policy reform have manipulated the Speaker’s comments to imply that she was opining that cannabis therapy has been proven specifically to be successful for the treatment of COVID-19.
“The current predicament of a rapidly expanding national marketplace without access to the national banking systems has resulted in an untenable situation.”
Members of the House of Representatives voted 321 to 103 in favor of HR 1595: The SAFE Banking Act, which amends federal law so that explicitly banks and other financial institutions may work directly with state-legal marijuana businesses. Two-hundred and twenty-nine Democrats and 91 Republicans cast ‘yes’ votes in favor of the measure.
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.
Earlier today, the Senate Banking Committee held a hearing on the SAFE Banking Act, which would allow financial institutions to engage in activities with state-legal cannabis businesses.
In a change of trajectory, the powerful Appropriations Committee in the House of Representatives has for the first time included limited protections for cannabis businesses engaged in the legal marketplaces in 33 states.
In the first in what are anticipated to be multiple Congressional votes to address the federal prohibition and criminalization of marijuana, the House Financial Services Committee will today voted to advance The SAFE Banking Act, HR 1595.