Cannabis banking reform just got one step closer to reality in the U.S.
The SAFE Banking Act will allow major banks to work with legal weed companies at the state level
By Kieran Delamont
Cannabis activists are celebrating a big victory this week. The U.S. House of Representatives has voted to pass the SAFE Banking Act, which will allow major banks to work with legal weed companies.
Most of the legal weed companies in the United States have been getting kind of screwed by the banking system. Because weed is still federally illegal, most cannabis businesses operate on a cash-only basis. The SAFE Banking Act won’t make things perfect, but it will allow banks to work with state-level legal weed businesses.
It’s a fairly procedural win that will be hard to get passed the U.S. Senate. But it’s an affirmation of the broader goals of legalization. “For the first time ever,” says NORML political director Justin Strekel, “a supermajority of the House voted affirmatively to recognize that the legalization and regulation of marijuana is a superior public policy to prohibition and criminalization.”