Cannabis Banking Provisions Get Removed from Congressional Bill

A bill to remove banking provisions for cannabis companies has been removed from the House Financial Services Committee. The proposal would have reversed a federal regulation that prevents marijuana-related businesses from using banks and credit unions, as well as let them use money transmitters like PayPal.

The “when will the safe banking act be voted on” is a bill that was introduced in Congress, which would remove cannabis banking provisions.

Cannabis Banking Provisions Get Removed from Congressional Bill

Cannabis Bank Law

On Tuesday, it was reported that wording in a must-pass piece of legislation presently under discussion — the National Defense Authorization Act — that would enable banks to lawfully engage with state-licensed cannabis firms had been removed (NDAA).

Matthew Schweich, deputy director of the Marijuana Policy Project, the nation’s foremost cannabis policy reform group, issued the following statement in reaction to the news:

“We are sad that the SAFE Banking requirements were removed from the NDAA. It’s inexcusable that so many state-licensed cannabis enterprises are wholly cash-based, simply because the Biden administration and Congress, despite widespread popular support, refuse to approve even minor adjustments to our country’s disastrous federal cannabis laws.

“While the SAFE Banking provisions would not have addressed criminal justice reform, this was an important chance for gradual change, which has served the cannabis reform movement well for many years.”

“Furthermore, Congress has squandered a chance to help hundreds of small and minority-owned companies throughout the nation in medicinal and adult-use cannabis jurisdictions.”

“Without SAFE Banking, cannabis workers would continue to be exposed to public safety issues.” Burglaries, armed robberies, and thefts are occurring at alarmingly high rates in the cannabis industry. It is self-evident that keeping cannabis firms unbanked is hazardous to both employees and the community.”

The “safe banking act of 2021” is a new bill that will be introduced in Congress. The bill will remove cannabis banking provisions to prevent the federal government from interfering with state-legalized marijuana.

Frequently Asked Questions

Is the SAFE Banking Act in the defense bill?

A: The SAFE Banking Act is not a part of the defense bill. It is, however, an alternative to the Senate version of it called the FREEDOM from Tyranny Act (S. 1693).

Is the SAFE Banking Act Dead?

Is safe banking in NDAA?

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