Is SAFE Banking Act Getting Closer to Passage? Senators Agree Public Safety Issues are at Play

"Sen. Jeff Merkley (D-OR), the sponsor of the SAFE Banking Act, talked about violent crime targeting marijuana businesses and workers, as well as bipartisan support for stand-alone legislation."

Why this is important: Notwithstanding the uncertainty of federal regulation and decriminalization efforts, the legal cannabis industry continues to grow and contribute to the overall economy. 37 states have legalized cannabis for medical purposes. 18 states have legalized cannabis for recreational use. According to Cowen and Company, the cannabis market will reach $100 billion in value by the end of the decade. Since 2014, more than $10 billion in tax revenue and nearly 500,000 jobs have been created by the legal cannabis industry. Despite all of this growth and general acceptance, legitimate businesses are unable to deposit and safekeep proceeds generated from an otherwise legal business under their respective state laws. The passage of the Secure and Fair Enforcement ("SAFE") Banking Act will provide banking and financial institutions the protection needed to provide financial services—which are offered to all other legitimate businesses—to legal cannabis businesses.