{"id":2046256,"date":"2023-09-27T11:27:01","date_gmt":"2023-09-27T15:27:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bill-to-allow-banks-to-serve-marijuana-businesses-advances-in-senate\/"},"modified":"2023-09-27T11:31:23","modified_gmt":"2023-09-27T15:31:23","slug":"bill-to-allow-banks-to-serve-marijuana-businesses-advances-in-senate","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bill-to-allow-banks-to-serve-marijuana-businesses-advances-in-senate\/","title":{"rendered":"Senate advances bill allowing banks to serve marijuana businesses."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbill-to-allow-banks-to-serve-marijuana-businesses-advances-in-senate%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2046256&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>A Landmark Cannabis Financing Bill Advances in the Senate<\/h2>\n<p>A bipartisan group\u2063 of senators has \u2062made significant progress in advancing a groundbreaking cannabis financing \u200bbill that aims to\u2064 protect banks that work with marijuana companies. The bill, known as\u2062 the Secure and Fair Enforcement Regulation Banking Act (SAFER Banking Act), was sponsored by Senators Jeff Merkley (D-OR) and Steve Daines (R-MT). It\u200d recently passed\u200c with a 14-9 vote in the Senate Banking Committee and will now move to\u200c the Senate floor for further consideration.<\/p>\n<h3>Ensuring Safety and Support\u2064 for Legal Cannabis\u2064 Businesses<\/h3>\n<p>Senator Sherrod Brown (D-OH) emphasized\u2063 the importance of this bipartisan bill, regardless \u200dof personal opinions on marijuana legalization. \u2064He stated that the \u2064legislation is \u200bnecessary to create a safer environment for legal\u2063 cannabis businesses and service providers, protecting their workers and allowing them to operate within \u2064their\u200d communities.<\/p>\n<p>Currently, marijuana is classified as a Schedule\u2064 I drug under federal law, \u2063preventing companies in states where it is legalized \u2062from accessing traditional banking\u200d services. The\u200d SAFER Banking \u2064Act\u2063 aims to change this by providing legal protection\u200b to banks that offer \u2062financial services to growers and \u200ddispensaries, addressing a\u2063 major concern within the cannabis industry.<\/p>\n<p>By operating primarily in cash, cannabis companies are vulnerable to tax evasion and theft. The\u2064 bill seeks to rectify this issue by allowing legal\u200d businesses to access banking services, reducing risks associated with an all-cash model.<\/p>\n<h3>Supporting Public Safety and Addressing Risks<\/h3>\n<p>Senator Daines, despite not \u200csupporting federal marijuana legalization, expressed \u2064his endorsement of the bill based on the belief \u2063that\u200c legal businesses should have \u2064access to \u2064banking \u200cservices rather than relying \u200csolely \u2064on cash transactions. He emphasized that the\u200d primary \u2062focus of the bill is public safety, as\u2062 the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bill-to-allow-banks-to-serve-marijuana-businesses-advances-in-senate\/\" title=\"Senate advances bill allowing banks to serve marijuana businesses.\">current\u2063 cash-based system\u200d makes cannabis businesses \u200battractive targets<\/a> for theft, tax evasion, and organized crime.<\/p>\n<p>An amendment proposed by Senator Raphael Warnock\u2063 (D-GA), which aimed to address racial equity\u200b concerns related to the war on drugs, was rejected by \u2064the committee. The amendment would have required the \u200cSAFER\u200c Banking Act to be evaluated after five years to\u200d determine its impact on reducing the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/democrats-push-for-student-debt-forgiveness-would-cost-taxpayers-millions\/\" title=\"Democrats push for student debt forgiveness, would cost taxpayers millions\">racial wealth gap<\/a>.<\/p>\n<h3>A Historic Shift for the Cannabis Industry<\/h3>\n<p>If the SAFER Banking Act becomes law, it would mark a significant milestone for the cannabis industry,\u200b aligning with broader efforts at the federal level\u200d to relax marijuana restrictions. In recent developments, the Department of Health and Human Services recommended reclassifying marijuana from a Schedule I to a\u2064 Schedule III drug under the \u2063Controlled Substances Act.\u200b This\u200b change would greatly benefit marijuana companies that have \u200bbeen advocating for\u200d delisting or downgrading marijuana&#8217;s classification.<\/p>\n<p>Furthermore, President Joe Biden has granted pardons to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/west-coast-democrat-leaders-create-safe-haven-for-out-of-state-abortion-seekers\/\" title=\"West Coast Democrat Leaders Create \"Safe Haven\" for Out-of-State Abortion Seekers\">individuals previously convicted<\/a> of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-to-pardon-all-prior-federal-offenses-for-simple-marijuana-possession\/\" title=\"Biden to Pardon All Prior Federal Offenses for Simple Marijuana Possession\">simple marijuana possession<\/a>, signaling a shift in federal policy.<\/p>\n<p>Overall, the advancement \u2062of the SAFER\u200b Banking Act represents a crucial step towards providing legal protection and support for the growing cannabis\u2064 industry.<\/p>\n<p> <\/p>\n<h2> What \u2064are the main challenges faced by cannabis businesses in accessing banking\u200b services?<\/h2>\n<p><span>  Dustry.<\/p>\n<h3>The Challenges of Cannabis Banking<\/h3>\n<p>One of the biggest\u2063 challenges faced\u200d by cannabis businesses is their limited access to banking services. Due to \u200dthe conflict\u2062 between state and federal laws, financial institutions\u2064 have been hesitant to work with \u2062marijuana\u2062 companies. This has forced many businesses to\u200b operate on \u2062a cash basis, leading to serious security risks and difficulties in managing day-to-day operations.<\/p>\n<p>Without access \u2062to banking services,\u200c cannabis companies struggle to handle basic financial transactions such as payroll, taxes,\u200d and vendor payments. They \u200dare\u200c also unable\u200d to establish relationships with\u200d lenders or\u200b invest\u200b in their businesses. This hampers their growth and ability to compete in the market.<\/p>\n<h3>The \u200bImpact of the \u2064SAFER Banking Act<\/h3>\n<p>The SAFER \u200cBanking Act aims\u2062 to address these challenges by \u200cproviding a safe and legitimate way for cannabis businesses to\u200b access banking services. By offering \u2064legal protection to banks that work with marijuana companies, the bill seeks to alleviate concerns over potential legal repercussions for financial institutions.<\/p>\n<p>If passed, the bill would allow cannabis businesses to deposit their earnings \u200din \u2064banks, access loans and credit lines, and utilize other financial services that are crucial for\u200d their operations and growth. This would not only improve\u200c the safety and efficiency of these businesses but also enable them to \u2064contribute to the economy \u2062by paying \u2063taxes \u2063and creating \u200cjobs.<\/p>\n<p>In addition to its impact \u200bon cannabis businesses, the \u200bSAFER \u200cBanking Act would\u200d also benefit \u200ccommunities where\u2062 marijuana is legal. By allowing legitimate businesses to operate within the banking \u200bsystem, the bill would promote \u200ctransparency and accountability. It would also help reduce the black \u2062market for cannabis and associated crimes by encouraging legal operations.<\/p>\n<h3>Bipartisan Support and the Road Ahead<\/h3>\n<p>The advancement of the SAFER\u2064 Banking Act in the Senate \u200cBanking Committee is a significant step forward for cannabis financing. It demonstrates the growing recognition among lawmakers of the need to address the banking challenges faced by this industry.<\/p>\n<p>The bipartisan support for the bill is also encouraging. With senators from both sides of \u200dthe aisle coming together \u200dto\u200c support this legislation, there is a better chance of \u200bit passing \u2064in the Senate and eventually becoming law.<\/p>\n<p>However, there are still hurdles \u2064to overcome. The bill must still be voted\u2063 on by the full Senate, and if it \u200cpasses there, it will move on to the House\u200c of\u200c Representatives for\u200c consideration. The outcome in\u2062 both chambers is uncertain, but there is \u2064optimism that the bipartisan nature of the\u2064 bill will help garner the \u200dnecessary\u2063 support.<\/p>\n<h3>A \u2064Monumental Step Towards \u200cCannabis Banking Reform<\/h3>\n<p>The advancement of the Secure and Fair \u2064Enforcement Regulation Banking Act in the Senate is \u2063a\u2062 landmark moment for the cannabis industry. By addressing the \u2062banking \u200cchallenges faced by legal marijuana businesses, this bill has the potential to revolutionize the industry and unlock its full economic potential.<\/p>\n<p>As the conversation around marijuana legalization continues to evolve, it is crucial that lawmakers prioritize the safety, accountability, and support of legal\u200c cannabis businesses. The SAFER Banking Act is a crucial first step towards achieving\u200c these goals, and its progress\u200c in the Senate is an\u200b encouraging sign for the future of the cannabis industry.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A significant cannabis financing bill, the SAFER Banking Act, gained bipartisan support as senators voted 14-9 in favor. The bill aims to shield banks providing services to marijuana companies, granting them legal protection. Sponsored by Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT), this legislation marks a crucial step forward.<\/p>\n","protected":false},"author":1,"featured_media":2046257,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2046256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2046256","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2046256"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2046256\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2046257"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2046256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2046256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2046256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}