The SAFE Act was introduced to the Senate yesterday, after the House version already passed their version. It has not been scheduled for a committee hearing, but that should happen soon. The House version will be voted on by the full House in several weeks and is expected to pass.
What is the SAFE Act?
The SAFE Act will prevent banks from liability for federal prosecution for accepting accounts from cannabis companies and ancillary businesses in states or on Indian lands that have legalized cannabis. The Senate version of the SAFE Act goes further than the House version by allowing insurance companies to provide coverage to a cannabis business in states that have legalized cannabis.
Of the four marijuana bills currently proposed, the SAFE Act has the best chance of passing. That is because it does not legalize marijuana or reschedule/deschedule it on the federal level, which some politicians still have a problem with. Also, Attorney General Barr and Treasury head Mnuchin have recently said they would prefer changes in marijuana laws rather than to continue with federal prohibition. And all Democratic presidential candidates and several Republicans are pro-pot.
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