Last week, Sen. Jeff Merkley (D-OR) and Sen. Cory Gardner (R-CO) introduced the Secure and Fair Enforcement (SAFE) Banking Act into the Senate, counting on the support of 20 cosponsors. This bipartisan piece of legislation was introduced in the House last month, and was approved with bipartisan support in the House Financial Services Committee in March. It has 158 cosponsors.
Its aim is to “protect banks and other financial institutions from prosecution and ease restrictions for providing services to cannabis businesses that are in compliance with state laws,” a spokesperson for the National Cannabis Industry Association explained.
Aaron Smith, executive director of the National Cannabis Industry Association, said in an email that, “Lack of access to financial services is creating public safety problems for the rapidly growing legal cannabis industry, as well as interfering with transparency and access to capital for small businesses. The Senate now has the opportunity to keep up