The Senate has been under a lot of pressure from all sides over the last few weeks to pass the cannabis SAFE Banking Act. Now, senators are trying to push for marijuana banking legislation to be included in a bigger package aimed at improving U.S. competitiveness, which would provide more of a chance for the bill to become law.
The Secure and Fair Enforcement (SAFE) Banking Act aims to protect financial institutions that wish to provide their services to state-legal marijuana businesses. Some industry experts believe the bill has a better chance of passing the Senate than the MORE Act, which would remove cannabis from the Controlled Substances list and allow states to legalize its production and sale free from federal interference. It looks like the measure is gaining more support over time from both Democratic and Republican members.
