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ARTICLE · 25 AUGUST 2022

U.S. Senators May Introduce "SAFE Banking Plus" By End Of Year

Duane Morris LLP
Duane Morris LLP
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After finally introducing the comprehensive Cannabis Administration and Opportunity Act (CAOA) in the U.S. Senate last month, last week Sen. Cory Booker (D-N.J.) softened his prior position on a separate,...

United StatesCannabis & Hemp
Deanna J. Lucci
Deanna J. Lucci
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After finally introducing the comprehensive Cannabis Administration and Opportunity Act (CAOA) in the U.S. Senate last month, last week Sen. Cory Booker (D-N.J.) softened his prior position on a separate, narrower cannabis banking bill when he said that he would now consider the banking bill with modifications. As we previously reported, the SAFE Banking Act would allow cannabis businesses to access the federal banking system and service providers to the cannabis industry such as attorneys, accountants, bankers and landlords would be permitted to accept payment from cannabis businesses without the risk of violating federal law. SAFE Banking has passed the House of Representatives seven times in recent years but so far has not been taken up in the Senate.

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Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.

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