The Senate Banking Committee approved a historic marijuana banking bill last week that breaks barriers between financial institutions and cannabis companies.
The Secure and Fair Enforcement Regulation (SAFER) Banking Act, which aims to resolve a longstanding financial deadlock that forced cannabis-related companies to operate using only cash, will now make its way to the Senate floor. Iterations of this bill have been presented in committee since 2015, but this is the first time the bill has received a yes vote and made its way to the Senate at large.
As the marijuana market flourishes across the US, federal legal ambiguity has hindered its full potential, making transactions an all-cash, risky affair. Read more »