Nothing has been decided yet, but the US Senate Banking Committee is advancing the SAFER Act to the senate floor for the first time. The Secure and Fair Enforcement Regulations Banking Act (SAFER) would allow legal weed facilities across the US to utilize major banking institutions as a form of payment--in other words, using your MasterCard to buy weed.
Why is this important? Under current federal law, banks can face prosecution if they provide services to businesses selling marijuana. Now, if you've been shopping at (legal) dispensaries lately you probably noticed how a handful of them accept debit as a form of payment, whereas the majority are cash-only, and that walk of shame to the ATM can get old considering the tedious ATM fees forced upon us. Yet, no love has been shown for the buy-now-pay-later credit card users. In fact, some dispensaries have gone as far as creating their own store credit cards in an effort to combat current federal laws. That all can change...SOON.
The US Cannabis industry is set to eclipse $33 BILLION this year. BILLION. So, of course senators and politicians from both sides see the need for regulating and controlling said industry through banking amendments--precisely what the Senate Banking Committee is known for. If the SAFER Act is passed in the Senate, then the House of Representatives is next to vote on it. However, due to the political divide this nation has been suffering in Congress, a bill sponsored by Democrats is likely to be shut down by a Republican-controlled House. Regardless, if both sides can come together and pass a historic cannabis bill that allows legal marijuana facilities to access major banking institutions, then the entire cannabis industry (at least those who pay enough money to have a legal company) will see cannabis transactions change forever.
More updates for the SAFER Act will be posted here.
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