House Financial Services Committee Passes SAFE Banking Act

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DISTRICT OF COLUMBIA: Today, the House Financial Services Committee voted 45 to 15 to pass H.R. 1595, the Secure and Fair Enforcement (SAFE) Banking Act of 2019. Authored by U.S. Reps. Ed Perlmutter (D-CO-07) and Denny Heck (D-WA-10) and cosponsored by Reps. Warren Davidson (R-OH-08) and Steve Stivers (R-OH-15). The bill allows marijuana-related businesses in states with existing Read the full article…

Money And Marijuana: Still No Action From Feds, Washington's Heck Reports

"Every week that passes without new guidance, however, is another week the regulated marijuana markets in Washington and Colorado must operate on a cash-only basis.

WASHINGTON:  Washington Democratic Congressman Denny Heck today issued a statement concerning financial institutions and the business of legal marijuana. Heck’s office reported: “It has been over a year since Washington voters approved I-502. Since that time, officials in our state have worked tirelessly to uphold the will of the voters and implement this law safely and Read the full article…

State-Owned Bank Won't Work For Marijuana Cash

Federal law is specific in its prohibition against commercial banks from accepting deposits they suspect are the profits of illegal activity. And the marijuana trade in federal legal terms is still illegal.

WASHINGTON:  Efforts by Washington state legislators to create a state-owned bank that would cater to the newly legal marijuana industry won’t work in Colorado — or in Washington, for that matter — industry and legal experts say. That’s because federal law is specific in its prohibition against commercial banks from accepting deposits they suspect are Read the full article…