FAQ: What is the SAFE Banking Act?
If you stay tuned to cannabis legislations, then you have likely heard of the recent SAFE Banking Act. Short for the Secure and Fair Enforcement Banking Act, the bill was originally introduced in March of this year and has been making its way through the federal government. The reason this bill is garnering so much attention is how it would affect one major aspect – and major point of contention – of the cannabis industry. You guessed it: Banking! Many cannabis businesses have had to become cash-only establishments due to banks not wanting to work with them. However, this bill could change everything.
