Crapo to Take Up Cannabis Banking Legislation

The Senate’s version of a cannabis banking bill could include additional measures not included in the SAFE Banking Act, which passed the House by a bipartisan vote this week, Senate Banking Committee Chairman Mike Crapo (R-Idaho) said on Thursday. Those additions could include anti-money laundering measures, protocols for preventing “legacy cash” at unbanked marijuana businesses from being mixed with laundered funds, clarification on interstate banking and measures to address the safety of cannabis products, he told Politico.

Crapo indicated that he hopes for a Senate vote on his version of the bill by the end of the year. “This is an issue in which I have seen strong support not only across the country from various banking institutions—even the small community banks in states that don’t have the issue—but also among colleagues on both sides of the aisle,” Crapo said. “I think there will be good support for it.”