CGC - Will the U.S. Senate Deny Cannabis Companies Access to This Vital Service?
The cannabis industry breathed a sigh of relief earlier this week after the House of Representatives passed the Secure and Fair Enforcement (SAFE) Banking Act.
The legislation is intended to grant cannabis companies access to banking and other related financial services. Since marijuana is still illegal at the federal level, many banks have refused to serve state-licensed cannabis businesses. As a result, these companies have been forced to operate on cash, which many industry watchers see as a major risk.
"It's an invitation to theft, it's an invitation to money laundering already, it's an invitation to tax evasion, and it stifles the opportunities of this business," Congressman Ed Perlmutter (D-Colo.) said prior to the vote.