On the Federal level?
Marjuana is STILL a dangerous ILLEGAL substance….
The Trump admin can at ANY time seize account of state cleared marijuana businesses….
A group of US House Democrats would like to have legislation that would allow the banks cover against any admin going after them for handling marijuana money….
With a Republican majority in the US Senate?
Success of this effort is doubtful….
Financial institutions chartered under federal law have been wary of serving cannabis companies over fears of landing in regulatory or legal trouble. Without access to basic financial services, some cannabis growers and dispensaries can only operate with cash, complicating their books and spiking their risk of being subject to crimes such as armed robbery.
Lawmakers across the political spectrum and key financial industry trade groups have united behind a bill, the Secure and Fair Enforcement (SAFE) Banking Act, to solve this problem.
The measure, sponsored by Rep. Ed Perlmutter (D-Colo.), would bar federal regulators and prosecutors from penalizing banks and credit unions for serving cannabis businesses if those firms are complying with state law.
“If someone wants to oppose the legalization of marijuana, that’s their business,” Perlmutter said Wednesday at a House Financial Services subcommittee hearing on cannabis banking.
“But the American voters have spoken and continue to speak and you can’t put the genie back in the bottle. The prohibition is over.”
The effort also has the support of powerful financial trade groups such as the American Bankers Association (ABA), the Independent Community Bankers of America and the Credit Union National Association, who have endorsed a safe harbor for serving cannabis companies.
The bill’s supporters say it would create sorely needed legal clarity as states embrace the rising acceptance of cannabis. Thirty-three states have legalized the sale and use of cannabis for medicinal purposes. Ten states plus the District of Columbia have approved recreational use.
Concerns from some Republican lawmakers over the disparity between federal and state cannabis laws, though, could create a roadblock to clearing the bill through the GOP-controlled Senate…..