House passes SAFE Banking Act to allow cannabis business bank accounts

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House Passes SAFE Banking Act

The owners and employees at your local weed shop are probably rolling one up to this good news.

According to MarketWatch and contrary to Republicans claiming Democrats are foregoing their work to impeach Donald Trump, the House managed to pass the SAFE Banking Act. This legislation will allow banks to do business with banks. Although marijuana is still federally illegal, cannabis businesses in legal states still have nowhere to do their banking. The constant influx of cash makes dispensaries targets for robberies and other crime.

Now it’s time for the Senate to do their job and pass this bill, unfortunately, Republicans like “Moscow” Mitch McConnell is staunchly anti-marijuana and doesn’t seem to give a damn if people get robbed or killed. However, semi-rational GOP-ers like Sen. Mike Crapo says he wants a vote before the end of the year.

Perhaps there are provisions that could be put in place that would prompt conservative support but until then we are skeptical of their support.

“There’s a line of thinking that McConnell could go along with a pot banking bill to help Republicans in the 2020 elections,” Katz said. “The tough re-election prospects of Republican Sen. Cory Gardner [a co-sponsor of the bill] of marijuana-friendly Colorado are often cited. But the benefit to Republicans, especially in the West and South, of supporting a bill that’s at least superficially pro-marijuana, is debatable.”

It seems silly to continue to fight America’s evolved view on cannabis with 33 states that have legalized medicinal use.

“I’m fairly confident that either the SAFE Act or STATES Act will be passed,” said Rob DiPisa, co-chair of law firm Cole Schotz’s Cannabis Law Group. “I think the industry has come too far. The cat’s out of the bag, and it’s not going to disappear, so banking needs to happen.”

This is meaningful legislation that will benefit all those who are looking to enter the cannabis industry, especially Black business owners who want to open dispensaries in our neighborhoods.