Secure and Fair Enforcement Banking Act (SAFE Banking Act) Archives - Cannabis Business Executive

Why the SAFE Banking Act Still Stinks: Third Try Falls Short

June 27, 2023
Steven Schain
Banking, Finance & Real Estate, Policy & Legal
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By Steven Schain While preferable to its predecessors, the SAFE Banking Act fails to provide legal marijuana growers, processors, transporters or sellers (marijuana-related businesses or MRBs) with the access to banking that every other legitimate industry enjoys. Is the third…

Senate Democrats look for way forward on marijuana banking bill

February 3, 2023
AggregatedNews
Federal
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Senate Democrats are giving marijuana banking legislation another look only weeks after it hit a wall with Republicans and was not attached to a year-end spending package. A handful of Senate Democrats met with Senate Majority Leader Charles Schumer (D-N.Y.)…

Marijuana advocates stunned after McConnell opposition dooms banking bill

Marijuana advocates and executives are up in arms after opposition from Senate GOP Leader Mitch McConnell (R-Ky.) resulted in Congress failing to pass a key cannabis banking bill, dealing a massive blow to the industry. The $1.7 trillion omnibus spending…

Schumer faces pressure to get cannabis banking reform through Senate

Cannabis entrepreneurs in New York and New Jersey sent a letterto Senate Majority Leader Chuck Schumer on Friday, urging him to bring a bill known as the SAFE Banking Act up for a vote before the end of the year.…

It’s Time to Stop Forcing the Cannabis Industry to Launder its Money

Why the SAFE Banking Act is the Wrong Solution to the Right Problem. By: Robert Baron, CAMS As a cannabis banking expert, and a Certified Anti-Money Laundering Specialist (CAMS), I believe the cannabis industry deserves access to banking. Unfortunately, they…

As WA marijuana shops see more armed robberies, owners and politicians say there is a simple solution

When the Snohomish County dispensary Dexter Warren worked at was robbed last year, four men simply walked in. When one of those men hit him in the face with a pistol and demanded he open the safe, the cash-based business…

Cannabis industry goes all-in on banking push before midterms

The cannabis industry is pushing lawmakers to get a marijuana reform bill to President Biden’s desk before the November midterms, fearing that a Republican takeover of Congress could doom its chances. In an in-person lobbying blitz last week, more than 20…

Will the SAFE Act Solve the Banking Issue for Cannabis Businesses?

While the SAFE Banking Act continues its seemingly never-ending rise and fall through the halls of Congress, it’s important to take a step back and ask what would actually be accomplished if the bill were to pass. Would this mean…

‘Nothing has changed’: Frustration builds as cannabis reform stalls

“I know there are paths forward for the industry, but I’m becoming more and more cynical of Congress’ ability or desire to do anything,” a Michigan cannabis operator said. For the cannabis industry, 2021 was supposed to be the year…

Will SAFE banking act solve marijuana businesses’ banking issues?

May 10, 2017
Steven Schain
Banking, Finance & Real Estate, Policy & Legal
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Due to difficulty in obtaining financial services and because marijuana is a "cash only" business, marijuana-related businesses (MRBs) face staggering safety, security and operational issues. Help is on the way for this $7.2 billion per year industry via the Secure…