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.
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