Legislation in the US House of Representatives that would allow nationwide marijuana banking now has 128 sponsors
Congressmembers Ted Lieu (D-CA), Nicole Malliotakis (R-NY) and Haley Stevens (D-MI) have joined as cosponsors to the SAFE Banking Act (H.R. 2891), bringing the total number of sponsors to 128. No other marijuana-related bill in the US Congress has more sponsors.
The SAFE Banking Act would provide explicit federal protections for banks and credit unions that provide financial services to state-legal marijuana businesses. These businesses include medical marijuana dispensaries in the 38 states where they are legal, and recreational marijuana stores in the 23 states where they are authorized.
Furthermore, the legislation would enable state-legal marijuana businesses to take standard IRS tax deductions, a practice currently forbidden.
In September, the Senate Banking Committee approved a Senate counterpart of the bill, known as the SAFER Banking Act, with bipartisan backing. Senate Majority Leader Chuck Schumer has committed to bringing the measure to a full chamber vote in the “weeks and months ahead.”
The SAFE Banking Act is sponsored by 27 Republicans and 101 Democrats.
Recent surveys indicate that 63% of U.S. adults support Congressional measures to allow cannabis businesses access to essential financial services in states where cannabis is legally recognized, while 17% are opposed.
