The Senate Banking Committee voted 14-9 on Wednesday to advance the Secure and Fair Enforcement Regulation (SAFER) Banking Act. This is the first time that a Senate committee has approved a marijuana banking bill, and it is a significant step forward for the cannabis industry for medicinal cannabis.
The SAFER Banking Act would allow banks to work with state-legal cannabis businesses without fear of federal penalties. This would provide a number of benefits to the cannabis industry, including:
Reduced risk of crime and violence: Cannabis businesses would be able to use banks to deposit and withdraw money, which would reduce the need to keep large amounts of cash on hand. This would make them less of a target for criminals.
Increased access to capital: Cannabis businesses would be able to apply for loans and lines of credit from banks, which would help them to grow and expand their operations.
Reduced costs: Cannabis businesses would no longer have to pay high fees to use money services businesses (MSBs) to process their financial transactions.
The passage of the SAFER Banking Act by the Senate Banking Committee is a positive sign for the cannabis industry. However, it is important to note that the bill still needs to be passed by the full Senate and House of Representatives before it can become law. It is also unclear when the bill will be considered by the full Senate.
In the meantime, cannabis businesses will continue to face challenges in accessing banking services. However, the passage of the SAFER Banking Act by the Senate Banking Committee is a sign that progress is being made towards addressing this issue.
This week we have guest speaker Dr. Matthew Nuesse joining us. Dr. Nuesse is a Certified Medical Examiner with nearly a decade of experience in drug testing and pre-employment medical examinations. He runs the largest YouTube channel specifically focused on federal drug testing. He co-founded the drug testing education course Exploroacademy.com for medicinal cannabis.
We have an all new Name That Strain and other titillating news stories from the week on Cannabis Legalization News.
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