On May 23, 2018, we published revised versions of our Privacy Policy and User Agreements. Please read these updated terms and take some time to understand them. Your use of our services is subject to these revised terms.
Yes, I Agree.

420 with CNW – A Historic Vote Approves the Marijuana Banking Bill in the House

On Wednesday, the House of Representatives made history by passing a standalone cannabis reform bill. The bill aims to protect financial institutions and ancillary firms that provide services to legitimate marijuana companies in the United States. The legislation would guarantee stability and security to the multibillion-dollar marijuana industry as well as ensuring public safety.

A vote of 321 passed The Secure and Fair Enforcement (SAFE) Banking Act. All Democrats but one voted for the bill while  91 Republicans voted for the bill and 102 opposed it. For the bill to pass, it required a two-thirds majority of the House to vote for it.

In the United States, recreational marijuana is legal in eleven states, including the Columbian District. Moreso, most of the states in the U.S have legalized the use of medical marijuana. However, at the federal level, marijuana is still considered illegal, making financial institutions and credit unions dread conducting business with marijuana businesses out of fear of being prosecuted or facing the consequences of not abiding by the regulations.  The SAFE Banking Act will protect these institutions from the effects of conducting business with marijuana companies and enterprises.

In March, the bill moved out of the House Finance Committee. Before the vote on Wednesday, the bill had tallied 200 sponsors of which 26 were Republicans. Several national banking groups are supporting the bill by pushing Congress to take action. These groups include American Bankers Association, Independent Community Bankers of America, and the Credit Union National Association. The National Association for State Treasurers, plus state attorneys general and governors from 20 different states all urged Congress to approve the bill.

Although some human rights groups are against the bill claiming that it would be a hindrance to other reforms and federal legalization; the cannabis trade groups, some human right groups, and people advocating for marijuana legalization are in favor of the bill.

Neal Levine, the CEO of the Cannabis Trade Federation (CTF), said that the federation applauds the House for passing the SAFE Banking Act and that they hope that the Senate will follow suit. He also said that the bill benefits the cannabis businesses and the communities that have chosen to embrace cannabis legalization. The Bill allows weed businesses to access banking services; thus, eliminating their reliance on cash. This will, in turn, improve safety within the community, transparency within the industry and adherence to cannabis-related regulations.

It is still not clear if the bill will be approved in the Republican-controlled Senate, but experts are in agreement that industry participants, such as Wildflower Brands Inc. (CSE: SUN) (OTCQB: WLDFF) and Willow Biosciences Inc. (CSE: WLLW), are keeping their fingers crossed hoping that the upper chamber also passes the bill.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have a questions or are you interested in working with CNW420? Ask our Editor

Denver, Colorado
303.498.7722 Office


Select A Month

Official NewsWire Relationships

Alternative Products Expo Benzinga Cannabis Capital Conference Cannabis Business Summit & Expo 2019 Cannabis Drinks Expo Cannabis World Congress & Business Exposition Cannexpo Marigold PR MjMicro Conference New England Cannabis Network O'Cannabiz Conference & Expo Tether BudTender Tether BudTender Appreciation Week

CannabisNewsWire Currently Accepts



Bitcoin Cash

Bitcoin Cash

Doge Coin






USD Coin

USD Coin

Contact us: 303.498.7722