Despite the vape crisis, the Democrat-controlled House of Representatives easily passed the Safe Banking Act which would protect banks serving state-legal cannabis businesses. All but one Democrat voted for the bill, while 91 Republicans voted for and 102 voted against. Legalization supporters have been pushing for banking reform for six years.
MarketWatch, Marijuana Moment
- President Trump reportedly supports the measure, but passing the Senate is not assured. Sen. Mike Crapo (R-Idaho), chair of the Senate Banking Committee has said he wants to hold a committee vote on cannabis banking by the end of the year but details remain vague. The bill which passed the House has been “sweetened for Republicans” but Senate Majority leader Mitch McConnell (R) appears to remain opposed.
- In support of the bill, Rep. Denny Heck (D-Wash.) spoke of a dispensary security guard who was killed on the job. “You can be agnostic on the underlying policy of whether or not cannabis should be legal for either adult recreational use or to treat seizures, but you cannot be agnostic on the need to improve safety in this area,” he said.