The United States House of Representatives passed a measure that would grant easier banking access to authorized marijuana businesses, according to Bloomberg.
- Passed Monday night on a 321-101 bipartisan vote, the SAFE Banking Act prohibits federal banking regulators from giving penalties to banks and other institutions that provide banking services to marijuana businesses.
- The measure was already passed by the House with bipartisan support in 2019, but was ignored by Senate which was controlled by the Republicans. Democrats now control the chamber, driving optimism for the legislation.
- The Senate counterpart was introduced by Democrat Senator Jeff Merkeley and Republican Steve Daines. It currently has 32 cosponsors, of whom six are Republicans.
- The version of the measure does not address concerns of the cannabis industry on institutional investors who put money into the industry, as most instead invest in Canadian marijuana companies given the legality in the country.
- The industry also seeks for the lifting of the 280E tax law that indicates companies that offer substances federally illegal cannot take deductions as practiced by other American companies.