{"id":10677,"date":"2023-03-30T11:40:45","date_gmt":"2023-03-30T16:40:45","guid":{"rendered":"https:\/\/norwoodlegal.com\/?p=10677"},"modified":"2023-03-30T11:42:59","modified_gmt":"2023-03-30T16:42:59","slug":"the-push-to-finally-reform-cannabis-banking-laws","status":"publish","type":"post","link":"https:\/\/norwoodlegal.com\/the-push-to-finally-reform-cannabis-banking-laws\/","title":{"rendered":"The Push to (Finally) Reform Cannabis Banking Laws"},"content":{"rendered":"

Table of Contents:<\/strong><\/p>\n

Developments of the SAFE Banking Act<\/a>
\nOther Developments in Cannabis Banking Laws<\/a>
\nPublic Support for Cannabis Banking<\/a>
\nLegal Representation for your Cannabis Business<\/a><\/p>\n

Here\u2019s a run-down of legislation that has been proposed and that the Cannabis industry should keep an eye on. The first and most promising is the Secure and Fair Enforcement Banking Act or the <\/span>SAFE Banking Act<\/span><\/a>.\u00a0<\/span><\/p>\n

In the current form, which has passed the <\/span>House of Representatives<\/span><\/a>, SAFE Banking would provide a \u201csafe harbor\u201d for regulated financial institutions to work with legal cannabis businesses.\u00a0<\/span><\/p>\n

Developments in the SAFE Banking Act<\/b>\u00a0<\/span><\/h2>\n

The SAFE Banking Act didn\u2019t stand a chance in the Senate for years, but there is <\/span>renewed momentum<\/span><\/a> behind it now. Senate Majority Leader, Chuck Schumer, has taken a personal interest in pushing the bill, and appears to have enough bipartisan support for the basic concept of SAFE Banking (nine Senate Republicans have co-sponsored it).\u00a0\u00a0<\/span><\/p>\n

However, some Senators on the left want to <\/span>expand<\/span><\/a> the bill’s scope.\u00a0<\/span><\/p>\n

For example, Cory Booker has said, \u201cI hope to see a final bill soon that would not only allow small and diverse cannabis businesses access to the U.S. banking system, but also expand and support expungement programs in states that have legalized cannabis to address some of the harms our failed marijuana policies have done to marginalized communities.\u201d\u00a0<\/span><\/p>\n

If this kind of \u201cSAFE-plus\u201d expansion happens, the support of republicans could evaporate.<\/span><\/p>\n

Other Developments in Cannabis Banking Laws<\/b><\/h2>\n

In addition to the SAFE Act, two other bills could be part of the discussion: the Harnessing Opportunities by Pursuing Expungement <\/span>(HOPE) Act<\/span><\/a>, and the Capital Lending and Investment for Marijuana Businesses <\/span>(CLIMB) Act<\/span><\/a>. These have been offered in the House of Representatives with some bipartisan support and could be rolled into a \u201cSAFE-plus\u201d law.\u00a0<\/span><\/p>\n

The HOPE Act would allow states to access federal funds to pay for the expungement of the criminal records for non-violent cannabis offenders.\u00a0<\/span><\/p>\n

The CLIMB Act would clear any \u201cpublic or private\u201d sources of capital to invest in \u201clegitimate\u201d marijuana related businesses. It would also amend the <\/span>Securities and Exchange Act<\/span><\/a> to allow national stock exchanges to list cannabis companies.\u00a0<\/span><\/p>\n

\u00a0The guts of either or both of these could end up in a compromise \u201cSAFE-plus\u201d bill.<\/span><\/p>\n

U.S. Support for Reform of Cannabis Banking Laws<\/b><\/h2>\n

As cannabis legalization becomes more common at the state level, public opinion on cannabis-related businesses continues to evolve. Currently, The <\/span>American Bankers Association <\/span><\/a>recently highlighted the results of a national survey that found 66% of adults in the United States support the SAFE Banking Act to provide basic banking services in the 38 states where marijuana is legalized to varying degrees.\u00a0<\/span><\/p>\n

Choose Qualified Legal Representation for your Cannabis Business<\/b><\/h2>\n

If you work or own a business in the cannabis industry, you understand the necessity for legal protection and effective representation. The <\/span>medical marijuana attorneys<\/span><\/a> at Norwood Law Firm are educated and up-to-date on the latest developments on state and federal <\/span>cannabis laws<\/span><\/a>. <\/span>Contact us<\/span><\/a> today for effective and aggressive legal representation.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Here\u2019s a run-down of legislation that has been proposed and that the Cannabis industry should keep an eye on. The first and most promising is the Secure and Fair Enforcement Banking Act or the SAFE Banking Act.<\/p>\n","protected":false},"author":6,"featured_media":10680,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"Push to (Finally) Reform Cannabis Banking Laws | Norwood Law","_seopress_titles_desc":"What is the latest news on banking laws in relation to the marijuana business? Norwood Law Firm provides updates on cannabis banking laws.","_seopress_robots_index":"","site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[151],"tags":[153],"class_list":{"0":"post-10677","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-medical-marijuana","8":"tag-marijuana-business"},"_links":{"self":[{"href":"https:\/\/norwoodlegal.com\/wp-json\/wp\/v2\/posts\/10677"}],"collection":[{"href":"https:\/\/norwoodlegal.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/norwoodlegal.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/norwoodlegal.com\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/norwoodlegal.com\/wp-json\/wp\/v2\/comments?post=10677"}],"version-history":[{"count":1,"href":"https:\/\/norwoodlegal.com\/wp-json\/wp\/v2\/posts\/10677\/revisions"}],"predecessor-version":[{"id":10681,"href":"https:\/\/norwoodlegal.com\/wp-json\/wp\/v2\/posts\/10677\/revisions\/10681"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/norwoodlegal.com\/wp-json\/wp\/v2\/media\/10680"}],"wp:attachment":[{"href":"https:\/\/norwoodlegal.com\/wp-json\/wp\/v2\/media?parent=10677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/norwoodlegal.com\/wp-json\/wp\/v2\/categories?post=10677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/norwoodlegal.com\/wp-json\/wp\/v2\/tags?post=10677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}