Cannabis Banking Included In U.S. House-Approved Defense Bill

“Today marks the *7th time* the #SAFEBankingAct has passed the U.S. House”

The Secure and Fair Enforcement (SAFE) Banking Act, legislation that would ensure cannabis businesses have access to banking services, was approved on Thursday by the U.S. House of Representatives after it was included as an amendment to the fiscal year 2023 National Defense Authorization Act (NDAA).

“Today marks the *7th time* the #SAFEBankingAct has passed the U.S. House,” tweeted U.S. Rep. Ed Perlmutter (D-CO), the original sponsor of the SAFE Banking Act, on Thursday. “I’m calling on the Senate to take action for the safety of our communities and success of Veteran- and minority-owned businesses across the country. It’s time to get this done.”

The SAFE Banking Act seeks to align federal and state law by prohibiting federal regulators from taking punitive measures against depository institutions that provide banking services to legitimate cannabis-related businesses. The bill establishes a safe harbor for any depository institution that chooses to provide banking services to a cannabis-related legitimate business that holds and maintains a license from a state or local government to engage in manufacturing, growing, or producing, as well as any business that handles, sells, transports, displays or distributes cannabis or cannabis products, according to a summary of the bill from Rep. Perlmutter’s office.

To Read The Rest Of This Article On Financial Regulation News, Click Here

Stay up-to-date!

Get all the news and info straight into your inbox that you need to help grow your business.

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.


Stay informed with the most up-to-date industry news to help you grow your business: subscribe to our newsletter below!

To Top