Weed Professionals Give Mixed Reception To Reintroduction Of Cannabis Banking Bill In Congress
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Weed Professionals Give Mixed Reception To Reintroduction Of Cannabis Banking Bill In Congress

Iris Dorbian Contributor Vices I cover the business of cannabis. Mar 22, 2021,07:00am EST

In 2019, the SAFE Banking Act, a measure that would prevent federal banking regulators from sanctioning banks for working with legal cannabis businesses, passed in the House of Representatives only to languish in the then Republican-controlled Senate. Last week, the bill showed a shred of life when it was reintroduced in the House. Now that the Democrats are in control of Congress and the White House, is there hope that the SAFE Banking Act will finally pass?

The reaction among cannabis professionals has been equivocal, at best. For instance, Nathaniel Gurien, CEO of Fincann, a provider of payment solutions for the cannabis industry, feels the bill is nothing more than a superficial band aid to a larger problem, namely the federal illegality of the plant.

"If Congress passes simple cannabis de-scheduling or the similar MORE Act, [which would decriminalize marijuana] this summer as expected, then the SAFE Banking Act would be moot," he said.

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