In a historic development, a cannabis banking bill successfully passed through a Senate committee on Wednesday morning.
The legislation in question is the Secure and Fair Enforcement Regulation (SAFER) Banking Act, designed to establish a secure framework for legal state-level marijuana dispensaries and cultivators to engage with federally regulated banks and credit unions.
These financial institutions have historically approached such transactions with caution due to the ongoing federal prohibition on marijuana. Senators Jeff Merkley (D-OR), Steve Daines (R-MT), Kyrsten Sinema (I-AZ), Cynthia Lummis (R-WY), and Majority Leader Chuck Schumer (D-NY) recently introduced an updated version of the SAFER Banking Act.