US House Passes SAFE Banking Act for 6th Time

WASHINGTON, DC – The US House of Representatives voted to pass the America COMPETES Act today, which includes an amendment that allows financial institutions and banks to work with state-licensed cannabis businesses.

According to a report by NORML, this marks the sixth time the act, which is sponsored by Rep. Ed Perlmutter (D-CO), made its way through the house.

Federal restrictions currently disable thousands of state-licensed cannabis business from partnering with the banking industry. This mean that many businesses are unable to accept credit cards, access loads, or write checks. Without access to these financial necessities, the cannabis industry has struggled with operating in a financially secure manor.

The America COMPETES Act will now be taken into consideration by the US Senate, where it died in previous negotiations, most recently in December 2021.

 

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