ACRGF - Cannabis Banking Bill Passed House of Representatives
The Secure And Fair Enforcement (SAFE) Banking Act, a landmark bill that would make it possible for banks and credit unions to offer basic financial services to cannabis industry companies in states that have legalized the drug, passed in the U.S. House of Representatives Wednesday.
At present, since cannabis is illegal at the federal level, financial institutions are unwilling to risk doing business with enterprises involved in -- or associated with -- the plant.
The SAFE Banking Act enjoyed widespread support in the chamber, even among Republicans, whose party has been more resistant to efforts to reform the nation's drug laws. All told, 321 voted in favor with just 103 against; 91 of the yeas came from Republicans, and only one Democrat voted against.