Anatomy of a Cannabis Banking Bill

Where: Congress’ SAFE Banking Act HR 1595 (116th Congress)

What sparked the legislation? Federal law and some state banking laws prevent providing banking services to the cannabis industry

Why is the legislation good for states and cities? It is estimated that cannabis taxes are underpaid by 20%

Why is this good for the economy?

• without banking options, the industry has no start ups
• without banking options, it is cost prohibitive to enter the industry

Sacramento Bee | Sacramento audit finds pot dispensaries under-report taxable revenue, other violations

Governing | Support Grows for Marijuana Banking Bill in Congress