The cannabis industry is perpetually in the headlines as new laws and ballot initiatives arise across the nation, with the re-introduction of the Secure and Fair Enforcement (SAFE) Banking Act on Capitol Hill and the potential of rescheduling cannabis being the latest headline-grabbers. While SAFE and a rescheduling of cannabis would address many of the financial obstacles in the cannabis market, a myriad of other hurdles still exist while changes like these are making their way through the political process.
SAFE is currently navigating its way through Congress, with its key provision of removing penalties on financial institutions that service legal cannabis businesses in the balance. SAFE’s passage would liberate cannabis businesses from the cash-only status quo, which would circumvent inefficiencies in paying employees, paying taxes, and storing revenue. This bill would also resolve the dangers of cash-only operations, as the cannabis industry is at serious risk of burglary and its employees at grave risk of danger. SAFE is currently scheduled for mark-up in the Senate, which is a positive sign.
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.