Banking for marijuana companies included in Congress’ new $3 trillion coronavirus stimulus bill | VailDaily.com
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Banking for marijuana companies included in Congress’ new $3 trillion coronavirus stimulus bill

Tiney Ricciardi, The Denver Post

Cannabis industry advocates applauded House Democrats on Tuesday after a new $3 trillion federal stimulus bill included provisions to allow marijuana businesses access to banking.

Introduced by House speaker Nancy Pelosi, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act includes wide-ranging goals to address the effects of the coronavirus pandemic, from offering financial assistance to state and local governments to forgiving student loan debt.

Wrapped into the massive, 1,815-page bill is an initiative led by Colorado Democratic Rep. Ed Perlmutter known as the Secure and Fair Enforcement (SAFE) Banking Act, which would allow legal cannabis businesses to leverage traditional banking services.

Proponents of the bill, which passed the House on its own last September, say it promotes public safety by offering the marijuana industry an alternative to dealing in cash — a factor experts say is motivating an increasing number of burglaries at dispensaries and cultivations. The SAFE Banking Act has been under review by the Senate Committee on Banking, Housing and Urban Affairs since last year.

Cannabis industry advocates applauded House Democrats on Tuesday after a new $3 trillion federal stimulus bill included provisions to allow marijuana businesses access to banking.

Introduced by House speaker Nancy Pelosi, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act includes wide-ranging goals to address the effects of the coronavirus pandemic, from offering financial assistance to state and local governments to forgiving student loan debt.

Wrapped into the massive, 1,815-page bill is an initiative led by Colorado Democratic Rep. Ed Perlmutter known as the Secure and Fair Enforcement (SAFE) Banking Act, which would allow legal cannabis businesses to leverage traditional banking services.

Proponents of the bill, which passed the House on its own last September, say it promotes public safety by offering the marijuana industry an alternative to dealing in cash — a factor experts say is motivating an increasing number of burglaries at dispensaries and cultivations. The SAFE Banking Act has been under review by the Senate Committee on Banking, Housing and Urban Affairs since last year.

Read more via The Denver Post.


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