Cannabis industry hopes SAFE Banking Act will spark new wave of growth, especially in U.S.
Cannabis companies would be able to open operational accounts at banks, and consumers could purchase with credit and debit cards
Financial Post (Canada)
Friday, September 27, 2019
Friday, September 27, 2019
For the first time in history, the U.S. House of Representatives passed legislation to both validate and protect the burgeoning cannabis industry by giving it access to banks, credit unions and insurance companies. The SAFE Banking Act, which easily cleared the House with a 301-123 vote but still has to clear the U.S. Senate before passing into law, would allow financial institutions to work with cannabis companies without fearing retribution. It’s still currently possible under federal law to prosecute banks for doing so; punishments can even include stripping them of deposit insurance. (See also: How the U.S. cannabis banking bill could hurt Canadian exchanges)
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