Illinois became the first state in the U.S. to fully legalize adult use cannabis through legislation with the passage of the Cannabis Regulation and Tax Act in 2020. Since then, the state has worked to help those who were previously impacted by cannabis-related offenses launch their own cannabis companies via the adult use cannabis social equity program.
The Secure and Fair Enforcement Regulation (SAFER) Banking Act and potential rescheduling under the Controlled Substances Act could provide those Illinois startups with much-needed relief.
"Safe banking is something that every one of those businesses needs and we've been advocating for since the beginning," Illinois Gov. J.B. Pritzker said Thursday in an interview at the Benzinga Cannabis Capital Conference in Chicago.
From Federal To State Cannabis Legislation: The Senate Banking Committee approved the SAFER Banking Act on Wednesday, which would allow cannabis businesses to legally access banks.
This week marked the first time Senate members ...