United States: House of Representatives approves banking bill for cannabis businesses

The U.S. House of Representatives yesterday passed with strong support a bill allowing banks to offer their services to the cannabis industry, a historic vote both because it's the first time the House has approved a stand-alone cannabis reform bill, and for its implications.

Although cannabis remains illegal under federal law, House lawmakers voted 321-103 to pass the Safe and Fair Banking Act to cannabis businesses on SAFE Act. 91 Republicans voted in favor of this Democratic-led project.

The measure, which aims to protect financial institutions and other businesses that provide investments, loans, capital or other financial services to cannabis companies, now heads to the Senate, where it should have a harder time passing.

«If someone wants to oppose the legalization of cannabis, that's their right, but the American voters have spoken and continue to speak and the fact is you can't turn back the clock. Prohibition is over,» said Congressman Ed Perlmutter, who carries the SAFE Act. «Our bill is all about taking money off the street and making our communities safer, and only Congress can take these steps to provide that certainty to businesses, employees and financial institutions across the country.»

Supporters of the bill argue that it would improve public safety by allowing cannabis companies and their service providers (plumbers, electricians, accountants, security, etc.) to access the banking system. Visit cannabis dispensaries For example, they often have large amounts of cash at their disposal, making them an easy target for criminals. The US cannabis industry is now worth $11 billion.

A controversial vote

In the run-up to the vote, many opponents were heard, even in the pro-legalization camp, who criticized the fact that this law did not address inequalities in the industry, particularly with regard to minorities or people who were victims of prohibition.

«We think it's a mistake for the House to pass a bill for the industry before passing a bill that prioritizes equity and justice for the communities that have suffered most from prohibition,» explained Queen Adesuyi of the Drug Policy Alliance (DPA) to Leafly.

A bill to this effect was tabled in the House of Representatives in July. Visit MORE Act, for Marijuana Opportunity Reinvestment and Expungement, would remove cannabis from the list of prohibited substances and erase previous cannabis-related convictions.

«We have long feared that the adoption of the SAFE Act the adoption of the MORE Act by slowing down cannabis law reforms. Now it's up to House Democrats to prove us wrong and pass the MORE Act »said Adesuyi.

Next steps

The bill now heads to the Senate, bogged down in the passage of budget bills to be validated before October 1. A press conference is scheduled for this afternoon to detail the bill's next steps.