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Wednesday, March 29, 2023

The US Senate rejects the cannabis bank bill

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A recent attempt to allow legal cannabis businesses to open checking accounts and accept credit cards failed, due to opposition from the US Senate, leaving supporters to try to find another way to pass the bill through Congress.

The Safe and Fair Enforcement Act, or Safe Banking Act, is excluded from the National Defense Authorization Act, which will define federal defense policy through Sept. 30, 2023.

This provision was added by the US House of Representatives, but it never made it into the final bill because the Senate refused to approve it. It is the seventh time that the House of Representatives has passed SAFE banking provisions, both as stand-alone measures and as amendments to unrelated legislation.

Read the rest of this story at BostonHerald.com.


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