LOS ANGELES CA, September 24 ( Dr Cyberspace ) — by Robert Bishop — The House is set to vote Wednesday on marijuana legislation intended to help banks serve businesses in the marijuana industry. It’s the SAFE Banking Act and it’s coming up for a vote.
The bill would create a federal safe haven where banks will be able to serve lawful cannabis related businesses.
This will be landmark marijuana legislation because it will be the first House vote ever on a standalone marijuana bill.
The SAFE Banking Act is being filed under what is called a suspension of the rules. That means it will require a two-thirds majority vote to pass.
The House Financial Services Committee has already passed the SAFE Banking Act by a 45-15 vote.
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Cannabis industry officials feel confident that the full House will approve the measure by the necessary two-thirds margin.
“I think we’ll have — we could have 300 votes. There’s overwhelming support for it,” said Rep. Earl Blumenauer.
The House Majority Leader Steny Hoyer announced the vote on the SAFE Banking Act on the House floor Friday.
Hiro Taylor, director of business development at Green Bits praised Hoyer’s move.
“Any legislation that allows federally regulated financial institutions to enter the cannabis sector will be a huge step forward,” said Taylor.
“For the sector to reach its full potential responsibly, all players in it, including federal and state governments, need to be able to operate with greater transparency, efficiency, and safety regarding payments. A bill that helps to instill those qualities into the sector is very much needed.”
SAFE Banking Act To Bolster Marijuana Industry
The SAFE Banking Act enables marijuana businesses to gain access to Financial Institutions for ongoing operations and for rapid expansion. The marijuana industry deals primarily in cash, which creates increasing security concerns for business owners.
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A message from the National Cannabis Roundtable:
The cannabis boom in America is real and growing. A diverse group of patients, veterans, bankers, law enforcement officers and many others supporting cannabis reform demonstrates a fundamental shift in our culture. 93 percent of Americans support cannabis marijuana reform and a strong majority support adult use. There are billions of dollars in new tax revenues on the line. There is the promise of almost a million jobs. New medical research gives hope to suffering patients. It’s vital that politicians respond to the overwhelming public sentiment for cannabis reform. The National Cannabis Roundtable seeks to educate policymakers and advocate for legislative change at the federal level and unlock the potential of this dynamic new industry.
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