Promissory Notes - Banking & Finance Insights, Issue 3

House Passes Cannabis Banking Bill -

"The House passed the same bill in 2019 by a similar margin, but it stalled in what was then the GOP-controlled Senate."

Why this is important: The Safe Banking Act, if passed, will legalize proceeds from legitimate cannabis businesses. Because cannabis is still federally listed as a schedule one drug, many banks and credit unions have refused to allow cannabis businesses to open accounts or store money, even if the business is located in a state where cannabis is legalized. This usually means the businesses must hold onto cash from all of their sales — a risky practice that has led to an increase in crime. Senate Majority Leader Schumer has indicated that the bill will be voted on in the Senate.

Please see full Newsletter below for more information.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Spilman Thomas & Battle, PLLC | Attorney Advertising

Written by:

Spilman Thomas & Battle, PLLC

Spilman Thomas & Battle, PLLC on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.