A Senate legislative committee has scheduled a listening to on a invoice that may give cannabis companies working legally underneath state legislation entry to the U.S. banking business. The listening to earlier than the Senate Committee on Banking, Housing, and City Affairs on “Challenges for Hashish and Banking: Exterior Views” will likely be held on Tuesday, July 23 and can embody testimony from sponsors of the Safe and Honest Enforcement (SAFE) Banking Act of 2019 (S. 1200) and representatives of the cannabis, banking, and credit score union industries.

Below federal drug and cash laundering laws, even these cannabis companies working legally underneath state legal guidelines are often not capable of acquire entry to widespread monetary companies. Consequently, corporations within the cannabis business usually do enterprise solely in money, placing the companies and their staff liable to crime. The SAFE Banking Act would prohibit federal regulators for penalizing monetary establishments and their staff for offering companies to authorized cannabis companies, possible making extra banks prepared to serve the business.

Witnesses Set to Testify

Witnesses scheduled to testify at subsequent week’s listening to embody Democratic Sen. Jeff Merkley of Oregon, the sponsor of the SAFE Act, and Sen. Cory Gardner, a Republican from Colorado who’s one among

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