The House included an ICBA-advocated bill establishing a cannabis banking safe harbor as an amendment to a pending legislative package.
Background: The SAFE Banking Act amendment would establish a safe harbor for financial institutions that serve cannabis-related businesses in states that have legalized cannabis for medical or recreational use. It is attached to the America COMPETES Act, which is designed to bolster U.S. trade competitiveness.
Outlook: If the bill passes the House, which is expected as soon as today, it will be the sixth time the House has passed the ICBA-advocated cannabis bill—including twice last year. ICBA will continue working to advance the amendment in the Senate, which has yet to take up the cannabis banking bill.