Sept 27 (Reuters) - A U.S. Senate committee on Wednesday voted to advance a marijuana banking bill, raising hopes for the cash-dependent cannabis sector to get access to regular banking services.
The Secure and Fair Enforcement Regulation Banking Act (SAFER) bill, introduced by a bipartisan group of senators last week, will now move to the Senate floor.
Most banks in the country do not service cannabis companies as marijuana remains illegal at the federal level despite several states legalizing its medicinal and recreational use.
The new bill seeks to ensure that all businesses — including state-sanctioned cannabis businesses — will have access to deposit accounts, insurance and other financial services.
"We are hopeful that the revised language and clearer guidelines for financial institutions will continue to break through the many unproductive hurdles that have prolonged the passage of this bill for far too long," said cannabis firm Acreage Holdings"
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the medicinal value has to be further investigated by clinical trials. also the banking regulation changes will help to grow the sector.
revenue thru taxes will help to fund drug rehab centers.
The Secure and Fair Enforcement Regulation Banking Act (SAFER) bill, introduced by a bipartisan group of senators last week, will now move to the Senate floor.
Most banks in the country do not service cannabis companies as marijuana remains illegal at the federal level despite several states legalizing its medicinal and recreational use.
The new bill seeks to ensure that all businesses — including state-sanctioned cannabis businesses — will have access to deposit accounts, insurance and other financial services.
"We are hopeful that the revised language and clearer guidelines for financial institutions will continue to break through the many unproductive hurdles that have prolonged the passage of this bill for far too long," said cannabis firm Acreage Holdings"
*************************************
the medicinal value has to be further investigated by clinical trials. also the banking regulation changes will help to grow the sector.
revenue thru taxes will help to fund drug rehab centers.