- 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 renew campaign to ease access to banking services for legal cannabis businesses in the US, citing risks including crime and tax evasion. The SAFE Banking Act faces uncertain prospects.