Secure and Fair Enforcement Act

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As readers of this blog and the cannabis industry are aware, the conflict between state and federal law on the issue of cannabis is a constant source of tension, struggle, and frustration for the cannabis industry, their employees, and those who provide services to the industry. Among the many sources of consternation is the unwillingness of many financial institutions to provide services to the cannabis industry given its illegal status under federal law. While most cannabis businesses have access to traditional business checking account services, they generally lack access to the full suite of financial products and services that financial institutions offer to all other businesses, such as business loans, lines of credit, commercial mortgages, etc.Continue Reading Finally, Federal Cannabis Banking Reform?!?!

In a vote of 321-103, the House of Representatives took the first steps to securing better access for the cannabis industry by passing the Secure and Fair Enforcement Act, “SAFE” Banking bill. Introduced by Rep. Ed Perlmutter (D-CO), the bill has slowly gained momentum as the cannabis and financial industry have continued to lobby and pressure Congress into acting. With over 206 co-sponsors, the House Leadership scheduled a floor vote under suspension of the rules thereby eliminating any amendments and the need for two-thirds vote of the House of Representatives.
Continue Reading House of Representatives, in a Historical Moment, Passes a Standalone Marijuana Bill to Assist Banks that Service Cannabis Businesses