WHATS UP WITH WEED?

Cannabis-Banking bill approved by House; Future in Senate Uncertain

06.28.21

Access to the U.S. banking system was made less burdensome under the SAFE Banking Act, passed by the House on April 19th. The bill would exempt cannabis business transactions from being considered proceeds from illegal activity.

  • A supporter of the act says damage done to minority families from the war on drugs must be addressed and believes that we need to find ways to allow the cannabis industry to access the banking system.
  • Non-supporters of the bill claim passing the SAFE Banking Act would work against money-laundering legislation.

What does this mean for the future of cannabis legalization on the federal level?

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