 Despite the SAFE Banking Act passing the US House of Representatives six times, the Senate has yet to approve it. Still, it seems that some banks are feeling more comfortable servicing cannabis-based businesses.
The Department of Treasury’s Financial Crimes Enforcement Network issued a report detailing the situation. It shows that close to 800 banks and credit unions report actively working with clients involved with cannabis. The increase in willingness for financial institutions to work with the cannabis industry may indicate their confidence in the potential for Federal Legalization of marijuana happening soon. Former chairman of the federal National Credit Union Administration Rodney Hood said that marijuana legalization is not a question of “if” but “when.” Representative Ed Perlmutter of Colorado spoke with Yahoo Finance on Friday, and said, “Every [House] Democrat and at least half the Republicans have supported SAFE Banking, and I am confident that the Senate will take it up,” he said. Comments are closed.
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