Marijuana use is legal in some form in 33 states, however, since it is illegal at the federal level, financial institutions legally cannot accept money from marijuana businesses.
After being forced to do business in the shadow economy, marijuana businesses can now work with banks after the passage of the SAFE Banking Act bill.
The U.S. House of Representatives recently passed a SAFE Banking Act bill, with bipartisan support, to allow banks and credit unions to do such business, without repercussions from federal regulators. But prospects for its passage in the Senate are considered dim.
The bill, fully titled the Secure and Fair Enforcement Banking Act of 2019, would allow financial institutions to work with cannabis shops and related companies in states that have legalized marijuana.
The legislation is backed by the American Bankers Association and the Credit Union National Association.
Also, some 33 state attorney generals have urged passage of the SAFE Banking Act.
SAFE Banking Act of 2019
