WASHINGTON, D.C. – Under sunny skies dotted with rain clouds, federal lawmakers and industry advocates gathered near the steps of the US Capitol yesterday afternoon to cheer the House’s passage of the SAFE Banking in Cannabis Act this week and discuss what comes next.
The bill, HR 1595 which the House of Representatives passed 321–103 on Wednesday, was the first cannabis reform measure approved by the House in Congressional history and is seen as a major win for banks, investors, and much of the legal cannabis industry. If it’s approved by the Senate and becomes law, it would protect financial institutions that work with state-legal cannabis businesses despite the ongoing Schedule I status of cannabis under the federal Controlled Substances Act.
“This bill transcended party lines and usual partnerships,” said US Rep. Ed Perlmutter (D-CO), who introduced the SAFE Banking Act in March.“Our team of legislators was excellent, [and] the team of support we had from the outside community was what really got us across the finish line.”
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