 The Secure and Fair Enforcement Act, otherwise known as the SAFE Banking Act is a proposed measure that would allow cannabis companies to access FDIC insured banking and finacial services, and move the industry out of the dangerous ‘cash only’ system it’s forced into now.
Industry activists and lawmakers are still working to make it happen, though. Last week, Members of the National Cannabis Industry Association spent time lobbying on behalf of the SAFE Banking Act. Their Chief Executive, Aaron Smith, said, "We know right now, if SAFE were to come up, it would be a 65 to 70 vote … we know the votes are there for SAFE, so our focus is on getting SAFE over the finish line." One member of the delegation meetings with Senate and House officials said that discussions on social equity are part of the hold up, and are actively still being discussed regarding the bill. Omar Khan, senior vice-president of corporate and public affairs of Canadian cannabis retailer High Tide Inc., was in the delegation meetings, and he said, "Based on those discussions, I am cautiously optimistic that some form of SAFE could pass … in November.” He specified that he thought it could happen during the time after elections but before the new constituents take office in January, otherwise known as a “lame duck session.” Cowen investment banking financial analyst Jaret Seiberg is also cautiously optimistic that Congress could pass the SAFE banking act during this time frame. The SAFE Banking Act has passed in the House seven times but hasn't moved in the Senate. Comments are closed.
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