House Approves SAFE Banking Act HR 1595
With an historic vote, the US House of Representatives passed the SAFE Banking Act HR 1595 which would permit legal cannabis companies to bank with American financial institutions.
The bill was fast-tracked by Democrats under "suspension of the rules" a process usually reserved for bills that don't have the potential to dramatically impact a forecasted $160 billion dollar industry as this one does with cannabis. Almost 70% of the votes were in support.
The SAFE Banking Act HR 1595 will now have to pass in the Senate and then be signed into federal law by the POTUS.
"Prohibition is over,” said Rep. Earl Perlmutter (D-CO). Democrats are focused on protecting citizens from dangerous illegal product and making communities safe.
For small companies in the cannabis industry, safe banking with larger institutions will be remarkably beneficial. Cannabis entrepreneurs will be able to take loans and build credit within the larger framework of the banking system.
With federal illegality of cannabis intact, this means that smaller existing businesses will be able to continue to grow without facing competition from companies who wish to monopolize the industry like Monsanto whose shareholders won't permit such illegal investments.
We look forward to the slow and steady growth of this movement and the safe access of plant medicine for all.