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U.S. House of Representatives approves banking bill in favor of cannabis industry

Ar 191009885
Cannabis Culture/Flickr Creative Commons
Ar 191009885
Cannabis Culture/Flickr Creative Commons

U.S. House of Representatives approves banking bill in favor of cannabis industry

Cannabis Culture/Flickr Creative Commons

In a win for the marijuana industry, the United States House of Representatives just passed a banking bill at the end of September that would open the door for banks to work with cannabis companies without fear of federal prosecution.

The SAFE Banking Act will help thousands of employees, businesses and communities in Colorado and across this country who have been put at risk because they have been forced to deal in piles of cash,” Colorado Representative Ed Perlmutter wrote in an email to Westword. “After Colorado and Washington legalized marijuana for recreational use in 2012, I started to hear from local businesses who were being forced to operate in all cash.”

It might seem like a small thing, but it ain’t. The cannabis industry has long struggled with the banking system.

Amanda Push