As reported by MJ Biz, the latest push for federal cannabis banking reform in the United States passed a markup hearing in the Senate Banking Committee on Wednesday, demonstrating bipartisan support for allowing state-legal marijuana businesses to access financial services and setting up the bill for a full vote in the chamber.
The outcome of Wednesday’s Senate Banking Committee hearing improves the prospects that regular financial institutions can serve state-legal cannabis businesses despite federal marijuana prohibition, reducing the MJ industry’s inconvenient and dangerous dependence on doing business in cash. The 23-member committee voted 14-9 in favour of sending the bill to the Senate floor with technical amendments.
It’s the first time the banking legislation – rebranded as the SAFER (Secure and Fair Enforcement Regulation) Banking Act – has garnered a yes vote in the Senate. Charlie Bachtell, CEO of Chicago-headquartered multistate cannabis company Cresco Labs, said Wednesday’s vote represented “a big step in a multistep process.”
However, the legislation is still far from becoming law. And its prospects in the House are unclear. Next, the SAFER Banking Act faces a possible federal government shutdown on Oct. 1 amid a political battle between the Democrat-controlled Senate and the Republican-controlled House of Representatives.
