There’s enough votes in the United States House of Representatives to pass a federal marijuana banking act, according to Congressmember Nancy Mace (R-SC).
The SAFE Banking Act (H.R. 2891) has 124 sponsors in the House, more than any other marijuana-related measure. The proposed law would provide federal protections for banks and credit unions that serve marijuana businesses that are legally licensed under state law. This encompasses recreational marijuana retail outlets in the 23 states that permit them, as well as dispensaries in the 38 medical marijuana states.
Furthermore, the legislation would allow licensed marijuana businesses to take standard IRS tax deductions, a practice currently forbidden.
Continue reading