UPDATED 11:25 AM PT – Tuesday, April 20, 2021
The House passed bipartisan legislation that would give the cannabis industry access to banking services.
Lawmakers voted 321-101 on Monday in favor of the so-called SAFE Banking Act. The legislation protects banks and other financial institutions to serve state-legal marijuana businesses without fear of federal punishment.
As the Florida Marijuana Policy OG, I’m proud to support the SAFE Banking Act in Congress.
Businesses serving Florida patients must be able to access the US financial system!
— Matt Gaetz (@mattgaetz) April 19, 2021
Speaking on the House floor, Rep. Andy Barr (R-Ky.) said this bill makes some clarifications and will have a meaningful impact.
“I spoke with a CBD retailer in my district who confirmed that while the situation has improved somewhat over the last few years, access to card processing services is uneven and uncertain,” Barr stated. “This bill will provide additional clarity for banks, insurance companies, and card processors that they can in fact do business with legally operating hemp businesses.”
The House passed the same bill in 2019, but stalled in the Senate.
The legislation is now heading to the upper chamber, where Senate Majority Leader Chuck Schumer (D-N.Y.) said it will receive a vote.