Senate Banking Committee Passes Cannabis Banking Bill, Aiming to Reduce Industry's Reliance on Cash
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The Senate Banking Committee approved the SAFER Banking Act, enabling legal cannabis businesses to access banks.
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This is the first time the Senate has taken up the cannabis banking bill, passing 14-9.
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The bill aims to address the risks of the cannabis industry operating mainly in cash.
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Some senators raised concerns about social equity and cannabis still being a Schedule I drug.
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The bill will now move to a full Senate floor vote.
![](https://cdn.benzinga.com/files/images/story/2023/09/27/baninkg_committee.jpg?width=1200&height=800&fit=crop)