A new cannabis banking bill that was introduced in Congress Thursday would make business a lot less of a headache for cannabusinesses. The Secure and Fair Enforcement aka SAFE Banking Act was introduced by Congressman Ed Perlmutter (D-CO). If passed, this new cannabis banking bill would prevent financial institutions from being punished by the federal government for working with dispensaries and other such businesses in the cannabis industry.
The cannabis industry is a very profitable industry, but unfortunately it’s also a dangerous one. Federal prohibition keeps banks from doing business with any businesses that deal with cannabis. As such, these businesses are forced to deal in cash. Customers pay in cash, employees get envelopes of cash in lieu of paychecks, and when it comes tax time, those are paid for using cash also. Dealing in cash is not just a huge hassle, it’s also exceedingly dangerous, and dispensaries often find themselves the target of robberies.
Representative Perlmutter said in a press release, “With the majority of states now allowing for some form of recreational or medical marijuana, we have reached a tipping point on this issue and it’s time for Congress to act.” Allowing tightly regulated marijuana businesses the ability to access the banking system will help reduce the threat of crime, robbery and assault in our communities and keep the cash out of cartels.” You can read the release in its entirety here.
This cannabis banking bill is one of many cannabis bills that are currently going through Congress. The SAFE Banking ACT has plenty of bipartisan support in the US House, Representatives Denny Heck (D-WA) and Don Young (R-AK) were also co-sponsors of the bill. This one has a much higher chance at passing, I would think. We’ll find out soon enough.
Image Source: NBC News
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