For months we have been tracking and speculating on the “imminent” passage of legislation that would help solve the Banking Problem that continues to plague the Cannabis industry. The legislation, known as the S.A.F.E. Banking Act, first came to our attention over a year ago. In essence, this legislation would let states allow banks to accept money generated by Cannabis businesses, same as other legitimate, legal enterprises. And, the legislation would allow this without threat of Federal intervention, confiscation, or loss of FDIC status.
In its first legislative appearance, the Bill was overwhelming passed by the U.S. House of Representatives. But, alas, – Impeachment, COVID, and Social Unrest took over the National narrative and little things – like passing meaningful legislation, were put “on hold.” But now, for the THIRD time the S.A.F.E. Act was passed by the House of Representatives. However, this time by a very narrow margin.
Why? Apparently because of its inclusion in a COVID Relief package. And, a narrow view might lend credence to such an objection.
But, the inclusion of S.A.F.E. in the COVID Bill is generally viewed as a positive development that could help mitigate the spread of the virus by ending the industry’s reliance on cash transactions. (This aside from allowing increased access to financial institutions in a way that could give small businesses access to needed capital.)
“The continued inclusion of SAFE Banking Act in this package is important for the cannabis industry and its workers,” Rep. Ed Perlmutter (D-CO), the lead sponsor of the standalone marijuana financial services legislation, said. “The industry faces an increased public safety risk and public health risk by being forced to make transactions in all-cash. The SAFE Banking Act, which already passed the House with a broad bipartisan vote, will take cash off the streets, enable better social distancing in transactions, and support good-paying jobs in communities across the country when we need them most.”
So, What Can You Do to Help?
You have a voice in this debate! HighBridge encourages all of us that are engaged in or support full legalization of our industry, to contact your Congressional Representatives. Let your voices be heard. And who know, as this rendition of the S.A.F.E. Act makes its way to the U.S. Senate,
Just maybe, third time is a charm!
Until that time,
Your friends at HighBridge Premium Cannabis