The U.S. House of Representatives passed the SAFE Banking Act this week.
Even though 47 states have legalized some form of medical or recreational cannabis, banks have steered clear from the industry. Many fear federal money laundering charges because marijuana is still a schedule 1 substance at the federal level. As a result, cannabis businesses in the U.S. operate as a cash only business.
The SAFE Banking bill prohibits federal banking regulators from penalizing a bank for providing services to a legitimate cannabis related business. This would allow customers to be able to use debit and credit cards instead of cash.
The bill now moves to the Senate where its future is unknown.
Danny “Dan R” Ridenour has been in radio and television broadcasting for over 40 years, starting as a senior in high school in Rogers, Arkansas. His radio career has had stops in Nashville, Memphis, Oklahoma, and eventually, Colorado. Dan enjoys being involved in the community, having been a member of the Upper Arkansas Service Club and is currently on the board of directors for the Salida Community Center and is a member of the Chaffee County Fair Committee. He and his wife Carrie spend their days doing everything the mountains have to offer: hiking, camping, fishing and skiing. They've raised 3 children and have 2 grandchildren.
Latest posts by Dan R (see all)
- The Savings Continue with the Super Radio Auction - April 24, 2024
- Dolores Mae (Pfister) Rudy - April 24, 2024
- Wednesday, April 24th Weather - April 24, 2024
Be the first to comment on "House Passes Marijuana Banking Bill"