Is Banking Finally Becoming 420 Friendly?
The short answer - maybe.
This coming week, the House Financial Services Committee will consider The Secure And Fair Enforcement (SAFE) Banking Act, a bill that enables state banks who serve the legal cannabis business community to operate without Federal punishment.
On March 26th, at 11AM the committee is set to review the proposed legislature and determine whether it is ready for House and, eventually, Senate review.
This could serve as a significant step in the direction of allowing states to serve legal cannabis operators.
Not only will legal operators be able to rest easier knowing that their accounts won't be closed over night and their business forced into a state of panic, banks will be able to benefit on a much larger scale from an influx of industry professionals who no longer have to rely solely on cash to do business.
There have been a flurry of cannabis-related bills introduced in 2019 and many argue that the SAFE Banking Act has the highest likelihood of making it through both The House and Senate.
For an industry that has, since its legal infancy, been forced to operate on a cash-only basis, this bill represents a potential turning tide.
For future and present cannabis business operators, banking reform means that their lives and the difficulties they face while running a legal cannabis business get easier.
Watch the livestream here and direct all your questions regarding business formation, cannabis industry regulations and operational legality to our Consulting and Compliance Expert Resource - Green Consulting Partners.
Green Consulting Partners is a boutique business and legal compliance advising firm ready to handle all your legal compliance and consulting needs. Reach out to them today to expedite your licensing process and ensure you start your legal canna business journey on the right foot.