Why the SAFE Banking Act Still Has a Long Way to Go
In September, there was a lot of excitement surrounding the SAFE Banking Act, as it was finally up for a vote in the House. The bill, which passed in a decisive vote is a great step forward for the cannabis industry as it makes significant reforms at the federal level that would allow marijuana companies to access the banking system. However, before investors get too excited, let's not forget that the House vote was the easy part.
There's been a lot of support for marijuana reform from Democratic candidates vying for the 2020 presidential nomination, and so it shouldn't come as a big surprise that the Democrat-controlled House was able to pass the SAFE Banking Act. The true test will come in the Senate.
Back in July, there was a hearing on banking and cannabis, and Republicans didn't even bother showing up to it.
Source Fool.com
