In an overwhelming, bipartisan vote this week, the House Rules Committee agreed to include the SAFE Banking Act—an American Bankers Association-supported bill that provides clarity to financial institutions seeking to serve legitimate cannabis businesses—as an amendment to the National Defense Authorization Act.
The bill—which previously passed the House in the last Congress but not taken up in the Senate—would provide a safe harbor for depository institutions serving cannabis businesses in states where such activity is legal. Currently, more than 35 states have legalized cannabis for medical or adult use, but current federal law prevents banks from safely banking cannabis businesses, including ancillary businesses that provide them with goods and services.
