The bipartisan Secure and Fair Enforcement (SAFE) Banking Act, which was reintroduced just last week by Democratic Senator Jeff Merkley and Representative Earl Blumenauer with Republican Senator Steve Daines and Representative Dave Joyce, could see a hearing as soon as next week.
Senator Sherrod Brown, the Ohio Democrat who chairs the Senate Banking Committee, told NBC News on Thursday that the panel would “move quickly on it,” and hold a hearing as early as May 11 toward a vote on the bill.
The SAFE Banking Act aims to reform banking in the cannabis industry, which currently still operates largely on a cash basis, putting businesses and their employees at risk for robberies and the resulting economic harm. Even in states with legal marijuana, businesses get refused by banks because marijuana, under federal law, is still illegal.
The measure previously died in December when it failed to get attached to a year-end funding package in Congress, following objections from Republicans.
The swift movement is not a guarantee that the bill will reach Senate, but the industry is optimistic.
Information for this story was found via MarketWatch, Twitter, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
