As part of the HEROES Act, SAFE Banking provisions were included to protect banks that service state-legal marijuana businesses from being penalized by federal regulators. Many Republicans have been quick to reject the cannabis provision’s inclusion, noting that the word “cannabis” is used 68 times in the Heroes Act which is more than “job” or “jobs” combined, an emphasis especially critical for an economic stimulus bill. Representative Ed Perlmutter (D-Colorado), chief sponsor of the SAFE Banking legislation, made the case on the House Floor this week that while some Republican lawmakers might argue that the cannabis language does not belong in a coronavirus bill, the measure would actually protect public health by reducing the threat of spreading the virus through cash transactions. His office has also published a one-pager highlighting these and additional reasons why cannabis banking provisions should be included in the final COVID-19 Phase 4 package. It should be noted that reforming federal banking law to allow for state-sanctioned commercial cannabis activities remains a top priority of RCRC.
