This bill — the SAFE Banking Act of 2019 — would allow marijuana-related businesses in states where their businesses are legal to access the banking system. It would also protect banks that do business with marijuana firms from prosecution under federal law by providing a safe harbor for banks and credit unions to do business with legal, legitimate marijuana businesses. Currently, because cannabis is illegal at the federal level under the Controlled Substances Act, financial institutions that provide banking services to legitimate and state-licensed marijuana businesses can be subject to criminal prosecution. Because legitimate cannabis businesses can’t bank at federally insured institutions, they’re often forced to operate on a cash-only basis. Vote now →
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