House passes bill to protect cannabis industry access to banks, credit unions

The rapid state-level approval of cannabis has created a multibillion-dollar industry in the U.S. but one with fraught access to the financial services industry
The Hill (US)
Wednesday, September 25, 2019

us buying marijuana dispensaryThe House passed a bill to give banks and credit unions legal cover to serve the cannabis industry even while the drug remains federally banned. The bill, dubbed the Secure and Fair Enforcement (SAFE) Banking Act, easily passed the House by a vote of 321-103, with 229 Democrats, 91 Republicans and Rep. Justin Amash (I-Mich.) supporting the measure. While the bill faces an uncertain future in a Republican-held Senate that is skeptical of easing drug laws, the House’s approval marks a major step toward settling the vast differences between federal and state cannabis regulation. (See also: Breaking down Congress’ historic marijuana banking vote)