Democrats in the House of Representatives have inserted language allowing financial institutions to serve cannabis businesses into the 2021 Financial Services and General Government Appropriation bill. This is the House’s third attempt at passing some/all of the Secure and Fair Enforcement Banking Act, commonly referred to as the SAFE Act, since last summer. If passed, the language would ban the use of federal funds to penalize any bank or credit union that serves a cannabis business. The Senate, meanwhile, is returning from break to consider their own coronavirus package next week, which industry advocates hope will include cannabis banking.
