Cannabis Banking Reform Bill Earns Key House Approval

A bill designed to help break the impasse that has long kept legal cannabis businesses in the U.S. from accessing banking services has passed a key step toward approval by the House of Representatives.

The House Financial Services Committee on Thursday voted 45 to 15 in favor of advancing the Secure and Fair Enforcement (SAFE) Banking Act to the entire House for a vote.

Proposed earlier this month by Colorado Democratic Representative Ed Perlmutter, the SAFE Act would protect banks that service cannabis businesses operating in states where marijuana has been legalized from being prosecuted by the federal government.

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