- Lawmakers are pushing for legislation to ease access to banking services for legal cannabis businesses.
- Granting legal protections from federal drug laws to banks that serve cannabis dispensaries and related businesses allowed under state laws would cut down on crime and tax evasion.
- The SAFE Banking Act would prohibit penalizing banks for providing financial services to cannabis businesses legal under state law.
- Senate Majority Leader Chuck Schumer has expressed support for the legislation and said it is a priority that criminal justice provisions, such as expunging criminal records for certain low-level marijuana offenses, be added.
- The measure, reintroduced in April, faces uncertain prospects, with only 7 Republicans co-sponsoring the bill.
Lawmakers Renew Call for Easier Banking for Legal Cannabis Companies
Lawmakers pressed the case for legislation to ease access to banking services for legal cannabis businesses, renewing a campaign that failed to secure passage during the last session of Congress.
Jarrell Dillard
