Courtesy of Congressman Jimmy Panetta’s Office:
Congressman Jimmy Panetta (D-Carmel Valley) voted for the Secure and Fair Enforcement (SAFE) Banking Act of 2019, H.R. 1595, to allow cannabis-related businesses in states with existing regulatory structures to access the banking system. The legislation passed by a vote of 321 to 103.
“The current conflict between federal and California laws greatly limits the cannabis industry’s ability to access banking services. That’s why our local cannabis businesses operate on an all-cash basis that creates safety concerns for owners and employees, as well as compliance and oversight challenges,” said Congressman Panetta. “The SAFE Banking Act will grant those operating legitimate cannabis businesses access to banking services available to other industries, leading to more accountability and enhanced public safety.”
The SAFE Banking Act of 2019 establishes a safe harbor for any depository institution that chooses to provide banking services to a cannabis-related legitimate business that holds and maintains a license from a state or local government to engage in manufacturing, growing, or producing cannabis, as well as any business that handles, sells, transports, displays or distributes cannabis or cannabis products.