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ARTICLE · 02 DECEMBER 2019

U.S. House Of Representatives Passes SAFE Banking Act

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U.S. House lawmakers on Wednesday approved overwhelmingly by a 321-103 vote the SAFE Banking Act.

United StatesCannabis & Hemp
Sarah A. K. Blitz
Sarah A. K. Blitz
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U.S. House lawmakers on Wednesday approved overwhelmingly by a 321-103 vote the SAFE Banking Act. The SAFE Banking Act would pave the way for financial institutions and insurance companies to serve state-legal cannabis businesses and ancillary businesses without fear of federal reprisal. Ninety-one Republicans voted for the measure, in a showing of strong bipartisan support. This marks the first time a body of Congress has approved pro-cannabis legislation.

While Wednesday's vote is a historic step for the cannabis industry, this move alone is not expected to substantially change cannabis businesses' financial situations as they relate to banking – unless the Senate follows suit.

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