Senate Banking Committee to Vote on Bill Allowing Banks to Work With Legal Marijuana Businesses

Senator Jeff Merkley is leading a bipartisan group of senators to advance a bill that would give legal marijuana businesses access to banking services.
The bill, called the Secure and Fair Enforcement Banking Act, aims to provide legal protection to banks that work with state-legal cannabis companies.
The Senate Banking Committee will vote on Wednesday to advance the landmark bill, marking the first time the Senate has considered such legislation.
Legal marijuana sales are booming, expected to reach $33.6 billion by 2023, but federal prohibition poses risks to banks working with the industry.
The bill may face challenges in the House, where Republicans seem to be souring on it, but is expected to pass the Senate Banking Committee vote.

cnbc.com

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Posted 9/27/2023, 11:00:01 AM

Senate Banking Committee to Vote on Bill Allowing Banks to Work With Legal Marijuana Businesses

Senator Jeff Merkley is leading a bipartisan group of senators to advance a bill that would give legal marijuana businesses access to banking services.
The bill, called the Secure and Fair Enforcement Banking Act, aims to provide legal protection to banks that work with state-legal cannabis companies.
The Senate Banking Committee will vote on Wednesday to advance the landmark bill, marking the first time the Senate has considered such legislation.
Legal marijuana sales are booming, expected to reach $33.6 billion by 2023, but federal prohibition poses risks to banks working with the industry.
The bill may face challenges in the House, where Republicans seem to be souring on it, but is expected to pass the Senate Banking Committee vote.

cnbc.com

Relevant topic timeline:

7/27/2023

Bipartisan Senate bill aims to bolster drug supply chain by prioritizing U.S. manufacturing

8/22/2023

'Black market is thriving': WA signs onto normalizing interstate cannabis commerce

9/18/2023

Warren's Crypto Money Laundering Bill Gains Support But Faces Pushback

9/27/2023

Senate Banking Committee Passes Cannabis Banking Bill, Aiming to Reduce Industry's Reliance on Cash

9/27/2023

Cannabis Banking Reform Clears Major Senate Hurdle with Bipartisan SAFER Act

9/30/2023

Markets on Edge as Government Shutdown Risk Looms, Student Loan Payments Set to Resume