Republicans Could Rally Behind Marijuana Banking Bill


Ryan Allway

May 30th, 2019

App, Policy


Sen. Mike Crapo (R-ID), Chair of the Senate Banking Committee, could schedule legislation designed to increase access to the banking sector for a hearing if it passes the House of Representatives. Sens. Kevin Cramer (R-ND) and Rand Paul (R-KY) told Marijuana Moment that they discussed the legislation with Crapo and are hopeful that he will advance the bill.

The bipartisan Secure and Fair Enforcement Banking Act, better known as the SAFE Banking Act, would provide a way for banks to open accounts and lend to cannabis businesses in states where marijuana is legal.

The House of Representatives version of the bill comfortably passed through the Financial Services Committee in March and approval is expected when it reaches the House floor. Advocates hope that this will occur sometime this summer.

The biggest challenge has been reconciling criminal law and financial law, according to Crapo.

Despite the support among lawmakers, many big banks still plan to avoid cannabis clients, according to the Wall Street Journal.

The SAFE Banking Act is designed to protect banks with cannabis clients from prosecution, but banking leaders say that government-mandated compliance obligations remain a key sticking point, especially after several large banks were fined for inadequate anti-money laundering controls.

The good news is that many smaller banks may be willing to assume the risk and provide services to cannabis companies.

In particular, credit unions and local banks in states where cannabis has been legalized could see a tremendous new growth opportunity.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.


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