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Attorneys Generals from 34 states and territories sent a letter today to Congressional leadership urging members to expeditiously pass The Secure and Fair Enforcement (SAFE) Banking Act so that state-licensed cannabis business can explicitly engage in relationships with banks and other financial institutions.
Although members of the House have passed an earlier version of the legislation -- the SAFE Banking Act -- on seven prior occasions, today's vote marks the first time that Senate members have voted in favor of the measure. The post Senators Advance Cannabis Banking Reform Bill for First Time appeared first on NORML.
Majority Leader Hoyer on Friday announced that members of the House are anticipated to hold a floor vote next week on The SAFE Banking Act (HR1595), which explicitly permits banks and other financial institutions to work directly with state-legal marijuana businesses.
The Secure and Fair Enforcement (SAFE) Banking Act has been reintroduced in the House of Representatives by Representatives Ed Perlmutter (D-CO), Steve Stivers (R-OH), Nydia Velazquez (D-NY), and Warren Davidson (R-OH). The post House Reintroduces SAFE Banking Act To Normalize Cannabis Commerce appeared first on NORML.
“If cannabis businesses are to have any hope of operating safely, transparently, and in a manner that is competitive with the existing underground market, Congress must pass SAFE Banking now." The post SAFE Banking Act Reintroduced in House and Senate appeared first on NORML.
Included in the language of the bill is HR 1595: The SAFE Banking Act, which amends federal law so that explicitly banks and other financial institutions may work directly with state-legal marijuana businesses. Reform advocates , including NORML, had lobbied leadership to include banking reform in the latest COVID relief measure.
Earlier today, the Senate Banking Committee held a hearing on the SAFE Banking Act, which would allow financial institutions to engage in activities with state-legal cannabis businesses. The hearing was entitled, “Challenges for Cannabis and Banking: Outside Perspectives.”
A bipartisan coalition of more than 100 co-sponsors has reintroduced legislation in Congress, The Secure and Fair Enforcement Banking Act (SAFE Banking Act), HR 1595 , to allow state-licensed marijuana-related businesses to engage freely in relationships with banks and other financial institutions. This situation is untenable.
Senators Jeff Merkley (D-OR) and Steve Daines (R-MT), along with 27 other members of the… The post Senators Reintroduce SAFE Banking Act To Normalize Cannabis Commerce appeared first on NORML.
NORML Supports Swift Enactment; Stresses Need for Further Federal Reforms Washington, DC: The NDAA funding… The post House Advances SAFE Banking Act as Part of the Must-Pass NDAA appeared first on NORML.
The House Financial Services subcommittee on Consumer Protection and Financial Institutions held a hearing Wednesday to address the lack of access to basic banking services by state-legal marijuana businesses. You can share the op-ed on Facebook by clicking here and on Twitter by clicking here.
The post SAFE Banking Language Not Included In Final NDAA Package appeared first on NORML. It is unfortunate that Congress chose to not affirm the legitimacy of state-level marijuana legalization and instead chose to deny this emerging legal industry access to basic financial tools and services.
“Americans understand that no industry can operate safely, transparently, or effectively without access to banks or other financial institutions and it is self-evident that this industry, and those consumers that are served by it, remain severely hampered without this access.".
Sixty-eight percent of Americans say that Congress should pass legislation so that marijuana businesses can "access banking services and products in states" where it is legal. The post Poll: Nearly 70 Percent of Americans Want Congress to Allow Licensed Cannabis Businesses Access to Banking Services appeared first on NORML.
Members of the United States Senate Committee on Banking, Housing, and Urban Affairs are scheduled to hear testimony next week regarding the need to provide greater access to financial services for state-licensed marijuana-related businesses. ” (Read NORML’s full testimony here.).
The post Poll: Majority of Americans Support Legalizing Marijuana, Expunging Past Convictions, and Allowing Banks to Work with Cannabis Businesses appeared first on NORML.
If there is a legislative version of the Twilight Zone, the SAFE Banking Act seems to be stuck in it at this point.". The post SAFE Banking Omitted from Scaled Back Version of America COMPETES Act appeared first on NORML.
This vote marks the sixth time that members of the House have advanced SAFE Banking to the Upper Chamber either as an amendment or as a stand-alone piece of legislation. The post House Advances SAFE Banking Act as Part of the America COMPETES Act appeared first on NORML.
NORML maintains that the NDAA is an appropriate vehicle for the SAFE banking provisions. The post NORML Sends Letter In Support Of The SAFE Banking Act Being Attached To The NDAA appeared first on NORML. According to the American Legion, nearly 1 in 4 veterans report consuming cannabis.
The post House Members Once Again Advance SAFE Banking Reform in Must-Pass NDAA Package, Include Cannabis Protections for Veterans appeared first on NORML. The vote marks the seventh time that House members have advanced this language to the Senate as either an amendment or as a stand-alone bill.
The post NORML Op-Ed: Senate Must Act on Legislation Clarifying Cannabis Banking Rules for State-Licensed Businesses appeared first on NORML. Every day that Congress fails to act needlessly jeopardizes the livelihood of these small businesses and their consumers.
The NAACP resolution states: “The SAFE Banking Act could enable cannabis businesses with social equity licenses. The post NAACP Calls for the “Immediate Passage” of SAFE Banking Legislation appeared first on NORML. to better compete in the industry.".
The SAFE Banking Act has been folded into the latest coronavirus relief measure. The post Cannabis banking reform included in latest Congressional COVID relief bill appeared first on Leafly. That's huge.
The SAFE Banking Act, also known as the Secure and Fair Enforcement Banking Act, is proposed legislation that aims to provide legal protection for financial institutions that work with cannabis-related businesses.
“The potential benefits that patients stand to gain from passage of the SAFE Banking Act are significant. Americans for Safe Access is proud to have supported this historic bill since its introduction and reiterates its call for swift passage in the Senate.
The murder of Jordan Brown has forced me to change my opposition to the SAFE Banking Act. The post Murder changed my mind: Pass the SAFE Banking Act now appeared first on Leafly. It should change Sen. Cory Booker's mind too.
The new CLIMB Act would help cannabis businesses access banking services, and list on the stock exchange. The post Meet the CLIMB Act, a new bipartisan cannabis banking bill appeared first on Leafly. It emphasizes small, minority-owned businesses.
We took a look at site data from the last year to determine where Leafly readers were searching for top seed banks. The post Top seed banks visited on Leafly in 2022 appeared first on Leafly.
The post Tell the Senate: Support Keeping SAFE Banking in America COMPETES appeared first on NORML. It's 4/20 week, and you are probably being flooded with marijuana-related promotions, ads, and invitations, but please take a moment to read this message and take action to help us change federal marijuana law.
Banking has been a hurdle for cannabis businesses since the birth of the industry. While the federal SAFE Banking Act —which seeks to provide banking protections for cannabis businesses—continues to hit road bump after road bump in the U.S. The Cole Memo, however, did not require banks to serve cannabis-related companies.
Many financial institutions seek to be a part of the cannabis banking movement. According to quarterly data presented by the US Treasury Department, over 800 banks and credit unions have filed paperwork with the United States government to state their relations with cannabis businesses. This marks a significant increase from last year.
Here’s the press release… National Law Journal’s 2020 Cannabis Trailblazer Katrina Skinner to Help Lead Company’s Legal Matters and Expansion into Banking, Financial and Payment-Related Services and Solutions for Cannabis Businesses and Related-Banking and Financial Sectors.
A bipartisan group of 24 Senators stood up for public safety and for greater economic opportunities for legal cannabis businesses today by sending a letter to leadership in both chambers of Congress asking them to include cannabis banking reform language in broad legislation currently being debated in conference committee.
A lot of people are unaware that cannabis businesses still have a hard time finding banking solutions. Banks don’t want to work with these businesses because the federal government has not legalized marijuana yet. This means that there can be difficulty with finding cannabis banking solutions for your business.
Find the best autoflower seed banks of 2024. Leafly reviewed popular seed banks & chose top picks for different needs & budgets. The post Leafly’s top 5 autoflower seed banks of 2024 appeared first on Leafly.
The world of banking Cannabidiol (CBD) businesses is a chaotic one. The post CBD Banking: Three Trends and Predictions for 2021 first appeared on Cannabis Law Report. Despite the legalization of hemp and hemp-derived products under… Read More.
Members of the House of Representatives voted today in favor of a stand-alone piece of legislation, The SAFE Banking Act, to remedy the ongoing inconsistencies between state and federal marijuana laws. The post US House Passes Bill To Normalize Adult-Use Cannabis Commerce appeared first on NORML.
National Law Journal’s 2020 Cannabis Trailblazer Katrina Skinner to Help Lead Company’s Legal Matters and Expansion into Banking, Financial and Payment-Related Services and Solutions for Cannabis Businesses and Related-Banking and Financial Sectors. Says the headline.
For the last several years, it has appeared time and again that we might finally be on the precipice of cannabis reform, as the SAFE Banking Act has previously passed the House of Representatives on seven separate occasions on a bipartisan basis. However, all of those previous efforts stalled out and died in the Senate.
Legal cannabis banking in the United States is still an open question, even after the midterms. The post Legal Cannabis Banking in the US appeared first on Cannabis | Weed | Marijuana | News. Cannabis legalization became a reality in two more states last week, with Maryland and Missouri joining the ranks as the newly legal states.
According to its sponsors and supporters, the Safe and Fair Enforcement (‘SAFE’) Banking Act would help address the challenges faced by small cannabis businesses that cannot currently access banking services or loans. Date Written: August 11, 2022. Clarify that cannabis criminal records are not an automatic red flag.
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