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US House passes SAFE Banking Act: What cannabis investors need to know

The U.S. House of Representatives approved the Secure and Fair Enforcement (SAFE) Banking Act Monday by a vote of 321-101.

This is the fourth time the House has passed a bill poised to protect banks servicing state-legal cannabis businesses from federal prosecution.

The House approved the language of the SAFE Banking Act for the first time as a standalone cannabis policy reform bill in 2019, only to get two more approvals as part of pandemic relief packages. The bill was rejected by the Senate.

The legislation was reintroduced in March by Rep. Ed Perlmutter, a Colorado Democrat, and is supported by Rep, Nydia Velázquez, a New York Democrat; Rep. Steve Stivers, an Ohio Republican; Rep. Warren Davidson, an Ohio Republican; as well as a bipartisan list of roughly 100 cosponsors, according to Marijuana Moment.

To Read The Rest Of This Article By Jelena Martinovic on Benzinga

Published: April 20, 2021

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