The SAFE Banking Act to allow marijuana banking nationwide has just garnered its 120th sponsor, more than any other marijuana-related bill in United States history.
Congressmember Jesús García (D-IL) joined a group of 119 other lawmakers yesterday in sponsoring the SAFE Banking Act. The legislation would offer federal protections for banks and credit unions that decide to provide financial services to marijuana businesses that are legal under their state’s law. This includes debit and credit card services —allowing marijuana stores to move away from a dangerous cash-only model— as well as access to business loans.
The SAFE Banking Act would also allow state-legal marijuana businesses to take standard IRS tax deductions, something that’s currently forbidden.
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