House Passes SAFE Act, Opening Door for Cannabis Businesses to Potentially Use Banks

The U.S. House of Representatives on Monday passed the Secure and Fair Enforcement Banking Act, which would allow banks to provide services to cannabis-related businesses and could quell fears for some workers’ comp stakeholders. The SAFE Act, sponsored by Rep. Ed Perlmutter, D-Colorado, would prohibit federal banking regulators from penalizing financial institutions for providing banking services to “legitimate” cannabis businesses, according to the bill. Representatives voted 321-101 to pass the bill.  The SAFE Act now heads to the U.S. Senate, where it has languish...