SAFE Banking Act

The Safe Banking Act is a proposed law in the United States aimed at allowing banks and financial institutions to legally provide services to legitimate cannabis businesses. Since cannabis remains illegal at the federal level, banks are hesitant to work with these businesses due to potential legal risks. The Safe Banking Act seeks to protect banks from federal penalties when they serve state-legal cannabis enterprises, promoting safer financial practices within the industry. This would help cannabis businesses access banking services like loans and payment processing, fostering growth and transparency in a legally ambiguous sector.