New Cannabis Banking Bill Gains Bipartisan Support

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Lawmakers on both sides of the aisle are putting their support behind a cannabis banking proposal that would ultimately help prevent robberies at weed businesses.

The SAFE Banking Act is getting support from Republican and Democrat Senators who are working on tucking the proposal within a larger piece of legislation aimed at boosting competitiveness across the nation. The hope is to increase the chances that the proposal will get passed.

Under current laws, cannabis firms and businesses are blocked from using banks, forcing them to use cash, making them prime targets for robberies. The SAFE Banking Act would open up banks to weed businesses across the country.

"This is a cash-only business right now. It's dangerous for employees," Sen. Patty Murray told The Hill. "It's dangerous for the patrons. It can be fixed."

The SAFE Banking Act wasn't included in the Senate's version of the US Innovation and Competition Act, it was included in the House's version of the bill which passed in February.

Senate Majority Leader Chuck Schumer previously blocked the SAFE Banking Act and said he's looking forward to rolling out the complete text of his bill, the Cannabis Administration and Opportunity, that would not only legalize marijuana and expunge the records of those who've been convicted of weed-related crimes.

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