Cannabis Banking Included in New Stimulus Bill – But it Probably won’t Pass
In September of 2019, the Secure and Fair Enforcement (SAFE) Banking Act passed the U.S. House of Representatives in a landslide 321 to 103 vote. But that’s where it ended, without ever making it to the Senate floor. However, as reported by The Motley Fool, the House has managed to slip the act into the new Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, which passed the House last week.
In addition to the new HEROES act providing further economic relief for American citizens, the 1,815-page bill also includes some “wish list” items, added to the bill by House Democrats. Among them is the exact wording of the SAFE Banking Act that passed the House back in September 2019. As written, the new bill would allow banks to do business with cannabis companies without fear of penalty or retribution from federal agencies.
However, the likelihood the bill will pass, especially intact, is slim. Several members of the Senate, including Majority Leader Mitch McConnell (R-KY), have made their anti-marijuana stance clear, and President Trump would not likely sign off on the bill, even if, by some miracle, it passed the Senate. But this is still a positive move. The fact that the language is included in the new bill is a sign that House Democrats will continue the fight on behalf of the legal cannabis industry.