Cannabis, once again, is showing that there are still bi-partisan issues in America. With support across the aisle, cannabis legislation passed by the House early this week is well on its way to being law and providing safe, legal methods for the banking and financial industries to serve cannabis-related businesses. The Secure and Fair Enforcement (SAFE) Banking Act of 2021 will prohibit federal regulators from penalizing financial institutions for providing services to legitimate cannabis-related businesses. This will certainly uncork a significant bottleneck to growth in the cannabis industry. However, as we learned in Schoolhouse Rock, the bill still needs to pass the Senate, where it faces a less certain future than its easy passage in the House, and then be signed into law by President Biden. Our lobbyists in D.C. are on the ground and keeping our cannabis team up to date on the continued movement of this significant legislation.
More than half of the Republicans who voted supported the bill.