In October 2019, the United States House of Representatives passed the Secure and Fair Enforcement (SAFE) Banking Act (HR1595), which will give legal cannabis operations greater access to standard banking services.
Because cannabis is still illegal federally—and because most banks are federally insured and regulated—related businesses have largely been forced to operate as cash-only, even in states that have legalized its use. According to the National Canabis Industry Association, which backed the bill, HR1595 would “protect ancillary businesses that work with the cannabis industry from being charged with money laundering and other financial crimes, and requires the Financial Institution Examination Council to develop guidance to help credit unions and banks understand how t lawfully serve cannabis businesses.”
