Cannabis Banking

What is happening? Banking reform to allow for licensed cannabis businesses to  open bank accounts were left out of the 2022 year end $1.7 trillion federal spending bill. Cannabis businesses are left with the option of being cash businesses. U.S. Sen. Steve Daines, a Montana Republican pushing for the SAFE Banking Act, said ““the failure to pass my ‘SAFE Banking Act’ means communities in Montana and across our country will remain vulnerable to crime where legal businesses are forced to operate in all cash.””

Why is this important? Mitch McConnell refers to SAFE Banking as making banks “”more sympathetic to illegal drugs.” This tells me that there is a messaging problem.

Route Fifty | Marijuana Banking Reform Left Out of Year-End Spending Deal