Cannabis industry advocates and executives had their hopes dashed once again after Senate Minority Leader Mitch McConnell (R-Ky.) blocked the SAFE Banking Act from Congress' $1.7 trillion omnibus spending bill, The Hill reports. This is the third time the bill has failed to get through the Senate, a blow to an industry that grows larger yearly.
The Secure and Fair Enforcement (SAFE) Banking Act is a bipartisan bill that would reverse federal restrictions blocking cannabis business owners from accessing financial services. Even though 37 states have legalized or decriminalized marijuana, the drug remains illegal on the national level. Because of this, cannabis business owners face an uphill battle when trying to secure banking services. Banks and other financial institutions that process funds for cannabis companies are at risk of being charged with money laundering, and federal regulatory agencies could also impose fines and penalties for violating federal laws.
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