House Reintroduces SAFE Banking Act to Protect and Advance Legal Cannabis

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Summary

The US House just reintroduced the Secure and Fair Enforcement (SAFE) Banking Act, an act that if passed, would help the cannabis industry have access to financial services. Because cannabis is still federally illegal, cannabis businesses have difficulty accessing banking, credit card processing, and business deductions for taxes. Perlmutter, Stivers, and Davidson in introducing the SAFE Banking Act, to allow these businesses in states that have legalized cannabis to access the banking system, just as any other business currently enjoys. Cannabis businesses are often forced to be shady about how they do banking, or not bank at all and deal with dangerous amounts of cash. As we begin our economic recovery, allowing cannabis businesses to access the banking system would also mean an influx of cash into the economy and the opportunity to create good-paying jobs.

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The US House just reintroduced the Secure and Fair Enforcement (SAFE) Banking Act, an act that if passed, would help the cannabis industry have access to financial services.

The act is being backed by Ed Perlmutter and Nydia Velázquez, Democrats, as well as Steve Stivers and Warren Davidson, Republicans. It also received 100 cosponsors who also support...

Read the full article @ High Times