Bankers Watching Hemp Again
The latest COVID stimulus package proposed by House leadership maintains provisions permitting licensed cannabis businesses to legally and explicitly partner with banks and other financial institutions.
The newly proposed legislation, which is an updated version of The HEROES Act initially passed by the House in May, includes the SAFE Banking Act (HR 1595). The Secure and Fair Enforcement Banking Act creates legal pathways so that state-licensed marijuana businesses may legally engage in relationships with banks and other financial services.
If passed by the House, this will mark the third time that the full body has approved SAFE Banking legislation. House members initially passed the legislation as a stand-alone bill by a more than 3 to 1 bipartisan margin in 2019. House members passed the language again in May in the initial HEROES Act.