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Congress Makes Historic Progress on SAFER Banking Act for Cannabis Industry

Updated: Oct 10

After years of setbacks, the highly anticipated SAFER Banking Act is gaining momentum in Congress. Today, the Senate Committee on Banking, Housing and Urban Affairs held a crucial "markup" on the bipartisan legislation, resulting in a resounding victory for supporters.

Previously, the House had shown overwhelming support for the SAFE Banking Act multiple times. However, today's vote represents a groundbreaking milestone as Senate members have officially endorsed the measure for the first time.

The path ahead involves further discussions, amendments, and votes in both the Senate and the House before reaching President Biden's desk. If all goes according to plan, the devastating banking ban that has plagued the legal cannabis industry may soon become a thing of the past. Stay tuned for updates.

Passing this bill is a major milestone for the cannabis industry. It will protect businesses from operating solely with cash, reducing the risk of theft and criminal activity. Additionally, it will allow them to open accounts with traditional banks.

Community leaders praise the Senate Committee for their approval of this important legislation.

Mike Bologna, CEO of Dip Devices, a vaporizer provider based in Denver, expressed his support for the SAFER Banking Act. He believes it will bring clarity and security to financial institutions that want to serve marijuana businesses. This will lead to easier access to capital, encourage responsible financial practices, and promote innovation in the cannabis industry.

"The SAFER Banking Act's approval is a clear statement that it's time to move forward and modernize," he stated. "The medical cannabis industry has long faced financial and regulatory challenges, but now it's ready to experience significant growth. This legislation is not only a change in policy, but also a demonstration of the industry's incredible potential to improve public health, stimulate economic progress, and advance scientific knowledge."

Bri Padilla, the executive director of The Chamber of Cannabis, a nonprofit organization for professionals in the Nevada cannabis industry, expressed excitement about the Senate Committee's approval of the bill. However, she emphasized the need for further action to address the taxation issue that the industry faces.

Padilla stated, "This groundbreaking legislation is a major advancement in addressing the financial obstacles that legal cannabis businesses encounter. However, the industry is also burdened by other economic and financial constraints, such as the impact of 280e on businesses. We hope that these issues will be addressed promptly."

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