In a letter to Senator Jeff Merkley (D-OR) and Senator Cory Gardner (R-CO), the ABA stated that the SAFE Banking Act takes a critical step toward enabling financial services for cannabis-related businesses by specifying that proceeds from "legitimate cannabis business" would not be illegal pursuant to federal money laundering statutes.
The ABA noted that, as the legal state-cannabis industry expands, the "indirect" connections to cannabis revenues will grow. These connections include "real estate owners, security firms, utilities, law firms and employees of cannabis businesses, as well as investors." The ABA expressed concern that without legislative action, the economic activity generated in legal cannabis states, "estimated to be in the tens of billions of dollars," would be "marginalized from the banking system." In addition, the ABA said that a "mechanism for the cannabis industry to access the banking system" would help communities reduce cash-driven crimes, increase the efficiency of tax collections, and enhance the financial transparency of the cannabis industry.
The House Financial Services Committee considered an amendment to the Secure and Fair Enforcement Banking Act of 2019 which would provide a "safe harbor" for financial institutions that supply financial services to cannabis-related businesses.
The House Financial Services Committee voted to approve the Secure and Fair Enforcement Banking Act of 2019. The legislation provides a "safe harbor" for financial institutions and banks that supply financial services to cannabis-related businesses.
A bipartisan team of lawmakers reintroduced the Strengthening the Tenth Amendment Through Entrusting States Act in the Senate and House of Representatives.
The House Financial Services Committee voted to advance a revised version of the Secure and Fair Enforcement Banking Act of 2019. In addition, legislators reintroduced a bill that would restrict federal enforcement against state-legal cannabis activity.