U.S. Senate Rejects Cannabis Banking Bill

“The Senate has once again dodged its responsibilities”

The latest effort to let legal cannabis business open checking accounts and accept credit cards has failed, due to U.S. Senate opposition, leaving proponents to try to find another way to get the bill through Congress.

The Secure and Fair Enforcement, or SAFE, Banking Act, was excised from the National Defense Authorization Act, which will set federal defense policy through Sept. 30, 2023.

The provision was added by the U.S. House, but it never made it into the final bill because the Senate refused to go along. It’s the seventh time that the House passed SAFE Banking provisions, both as stand-alone measures and as amendments to unrelated legislation.

“The Senate has once again dodged its responsibilities,” said Rep. Earl Blumenauer, D-Ore., founder and co-chair of the Congressional Cannabis Caucus. “The SAFE Banking package is a bipartisan, common-sense framework that includes crucial banking reforms the House has passed numerous times. But it’s not over until the final minutes of this session. “I am optimistic that we still can prevail, but the point is, we’re not going to give up until we solve this problem once and for all.”

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  • Gypsy Rose

Marijuana Retail Report, is a national daily online trade publication serving retailers of marijuana products and accessories. News and information are geared strictly to select retail channels, with distribution limited to licensed collectives, recreational retailers, accessories retailers, and wholesalers.


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