The revised cannabis banking bill with an updated title and several new provisions related to federal financial regulations, guidance and reporting requirements was introduced in the Senate on Wednesday.
The Secure and Fair Enforcement Regulation (SAFER) Banking Act, sponsored by Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT), is a result of a months-long process that included bipartisan efforts to come up with a compromise.
"We have worked hard to get a common-sense agreement that allows legal cannabis businesses across America access to financial services while protecting the capacity of federal regulators to stop bad actors," Senate Majority Leader Chuck Schumer (D-NY) said in a statement shared with Marijuana Moment on Tuesday. "This legislation will improve public safety, protect small businesses, and finally achieve action ...