An Unprecedented Senate Hearing: Cannabis And Banking

Public safety and the problems of doing business in cash took center stage on Tuesday during an unprecedented US Senate committee hearing that could be a major step in solving one of the cannabis industry’s biggest headaches: banking.

The Senate Committee on Banking, Housing, and Urban Affairs hearing, titled “Challenges for Cannabis and Banking: Outside Perspectives,” brought lawmakers, financiers, and an anti-legalization lobbyist together to discuss the possible pitfalls and benefits of implementing the SAFE Banking Act, which would provide legal protection to financial institutions serving the cannabis industry.

In his opening remarks,wedding cake strain review Senator Mike Crapo, the Idaho Republican who chairs the committee, said that because of fear of retribution from primos donkey butter reviews federal authorities, “many banks have stopped providing financial services to members of these lawful industries for no reason other than political pressure, which takes the guise of regulatory and enforcement scrutiny.”

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