House Committee Passes Cannabis Banking Bill

    View Author April 2019

    On March 28, 2019, the House Financial Services Committee took the first significant step in reducing the substantial hurdles that stand between US cannabis companies and traditional banking products and services. By a vote of 45-15, the committee passed the bipartisan Secure and Fair Enforcement Banking Act of 2019 (SAFE Banking Act) and approved three amendments.

    While the legislation would not decriminalize cannabis under federal law, it would provide necessary assurance and protection for the financial services industry to provide banking and financial services to cannabis-related legitimate businesses (cannabis businesses) and their service providers.