Despite passing in the House six times, most recently as part of the House version of the manufacturing bill, SAFE Banking has yet to see similar traction in the Senate.
The legislation has garnered wide support from cannabis industry advocates and banking trade groups who say the industry’s lack of access to banks puts businesses and communities at risk.
While a growing number of states have legalized marijuana, the drug remains illegal at the federal level, causing many federally chartered banks to steer clear of the emerging industry.
