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House marijuana banking bill with bipartisan support to pass, despite uncertain prospects in the Senate

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Reaction from marijuana rights advocate Mason Tvert and “Tell your Children” author Alex Berenson.

The house of representatives passed a bill on Wednesday that a safe Harbor for the banks working with legal marijuana businesses, removing a major hurdle for growth in the budding cannabis industry.

Rep. Steny Hoyer, D-Md., Announced last week that the Board vote on the Secure and Fair enforcement Banking Act known as the SAFE Banking Act – which is the less ambitious of two marijuana-related bills the congressional leadership had been testing for months. It 321-103 went, with 91 Republicans the tax for him and Alabama Rep. Terri Sewell, the only Democrat voting against him in the vote.

The legislation faces an uncertain fate in the Senate, where majority Leader Mitch McConnell has been reluctant to marijuana-related bills.

“Thousands of workers, companies and communities across the country have been forced to sit on piles of cash because of the conflict between state and Federal law,” Rep. Ed Perlmutter, D-Colo., a bill sponsor, said after the completion of the measure Wednesday passed. “After six years of work on this bill, the SAFE, the BWG will go a long way in getting cash out of our roads and the provision of security, so can the financial institutions to work with cannabis companies and employees.”

The safe and SECURE Banking would be to provide protection for banks and financial institutions against sanctions for working with marijuana businesses. Some fear, it could help the big corporations to invest in marijuana more than the average small business owner.
(Ben Brown // Fox News)

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The SAFE Banking Act would allow, to find cannabis businesses access financial services long been difficult, because of its grey-area status — often legal in your individual state, but is illegal from the Federal budget. Cannabis companies, such as hemp-growers and CBD manufacturers, who fought directly with THC, the intoxicating chemical in marijuana, have to worry about access to banking services that still hangs over the industry. Under the bill, marijuana businesses would be able to open accounts, take out loans, accept credit cards, and the Deposit of money in the banks, the connect now rare with them for the fear of consequences from the Federal government.

These services are important for an industry, the added 64,389 jobs in the year 2018, according to a report from Leafly and Whitney, the economy, and could grow more than pot to loosen laws in the United States.

Scott Van Rixel, CEO of Bhang, a company that produces CBD sweets and licenses, the THC products to state and province license-holder, said to be cannabis businesses access to the financial services industry would give a touch of stability and help to grow.

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“Investors have more confidence in the industry with access to traditional banking and traditional credit card process,” he said. “Manufacturers and business-to-business are [also] to be more convenient, if you know that you can use, standardised pipes, standard banking, write check, get a wire, without fear of retaliation or their bank-account is always down.”

Security is an issue. Many cannabis companies – such as companies that raked TEND to be $39 million in profit in the last quarter – are forced to do their transactions largely in cash, put employees in danger of being robbed.

“It is essential that we do everything possible to protect people working in the industry,” TILT Holdings Chief Operating Officer Tim Conder said.

But Kevin Sabet, who advised the Clinton, Bush and Obama administrations on drug policy, warns against the SAFE Banking Act is a promotional corporate gift in sheep’s clothing.

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“This is another big tobacco and big pharma industry and it never ends well for the public health,” he told Fox News. “Today’s marijuana is much more harmful than in the past. It Woodstock is not a weed any more.”

Sabet noted that Altria and Phillip Morris, two of the largest tobacco corporations in the world, invested in marijuana. So many of the big alcohol companies.

“It’s not about social justice in all, this is about enriching for-profit companies,” he said.

Some progressive Democrats to say, just leave, medical-marijuana businesses not to work with banks that is enough.

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The largest cannabis bill in Congress right now, marijuana is the possibility of re-investment and Expungement Act, known as the Act, has the support of Sen. Kamala Harris, D-Calif., Rep. and Jerrold Nadler, R-New York, among others. The bill, which would remove marijuana from the Controlled Substances Act and the implementation of social justice programs for the victims of the “war on drugs”, would probably have a difficult time clearing the Senate, and first President, Donald Trump signature as the SAFE Banking Act.

Legal-pot-activists and Progressive had asked members of the house to take, the MORE Action, the concern would be worrying, to stop Congress with the SAFE Banking Act. In a move to potentially alleviate these fears and round up votes for Wednesday, Nadler obligation, a premium of MORE Action, Tuesday night.

“The house is expected to take into account, the SAFE Banking Act to the floor tomorrow, and I will vote for him,” he said in a statement. “As a sponsor of the Act, I also strongly support further marijuana reform….”

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Sabet is skeptical about what FURTHER action also.

“It will not be easy, an industry that creates social justice. It is an industry that consolidates social injustice, than it already is,” he said.

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