There is a growing likelihood that the Senate will vote to allow marijuana businesses to use banks, and a bipartisan coalition of senators is working to make it happen. The House passed a bill that would allow such companies to get bank accounts in order to process credit cards. It failed to pass in the GOP-controlled Senate in 2019, but may be ready to move forward this week.
The bill, dubbed SAFE Act, would allow marijuana businesses to use banks and take out loans. It would also give them the ability to list on U.S. stock exchanges, which is currently illegal in federal eyes. However, many people have reservations about the bill, and a former police officer in California expressed concern about its legality. But the co-founder of a cannabis company that trades on the Canadian Stock Exchange has high hopes for the bill to pass.
While the bill has bipartisan support, it has not yet gained enough votes to clear a procedural hurdle. Nevertheless, it will need at least 60 bipartisan votes to overcome a likely Republican filibuster. The advocates of the narrower bill, dubbed SAFE Banking Act, say the time has come to legalize marijuana in states where it has been legal for decades.
The bill is not expected to pass without 60 votes in the Senate. It would require the support of 10 Republicans and at least 10 Democrats to pass. The measure needs to clear several procedural hurdles before reaching the final stage. A successful passage of the legislation will require the passage of other bills as well. The House passed its version of the bill last month, and the Senate will vote on it this week.
The Senate is a fifty-fifty split between Democrats and Republicans. While Democrats control the chamber, moderate Democrats have broken with the majority. The American Bankers Association backed the legislation. The bill has already passed the House five times in different forms. It passed the House in April with a vote of 321-101. This week, the Senate will vote on this bill.
The Senate’s passage of the SAFE Banking Act will end federal prohibition of marijuana. The SAFE Banking Act will allow the industry to access basic banking services. The law will allow banks to provide financial big bud autoflowering services without running afoul of federal laws. The law will also include a provision that expunges prior convictions for illegal marijuana users. It is an important bill for the legalization of cannabis.
The bill has two primary goals. First, it aims to end the decades of harm done to minority communities by prohibition. A new fund will be established to support the minority communities. The SAFE Banking Act will allow marijuana businesses to use banks and take advantage of the standard business deductions offered to other industries. The SAFE Banking Act is an important piece of legislation, which is why it is so important for the marijuana industry.
While the House passed the bill on Monday, a bipartisan group of senators is working on a much larger bill. The bill would allow marijuana businesses to use banks without running afoul of federal laws. It would also allow cannabis-related criminal convictions to be expunged, which would help the communities that have been hardest hit by the drug war.
The Senate has been in a conflict over marijuana banking legislation for several years. The two sides are attempting to tie the legislation to other high-priority bills. But it is difficult to imagine that marijuana banking would ever become law without a heavy political battle. But it is still possible, and if the bill passes, it will be passed. The bill will also allow businesses to use bank services without breaking federal laws.