With huge support from all over the Cannabis Industry and the American Banking Association the House reintroduced the SAFE Banking Act. This legislation is very much needed as this would allow financial institutions to work with clients in the legal cannabis and hemp industries. No longer would banks need to fear federal sanctions. This Act has bi-partisan and has a good chance of passing in 2021 some say.
This Industry being a multi billion dollars industry could not and should not be ignored or swept under the rug as it's generating huge tax dollars for governments. For so long now this industry has been forced to run on cash only which does not help with transparency. This bill would also resolve concerns for ancillary and core with electronic banking, payroll, checking, and ect. This is absolutely huge news for all the Cannabis companies who have had to deal with the current situation for a while now.
The Future is Bright!