One of the most needed things for cannabis companies in the US is access to banking services and loans. The contradiction between states and federal laws have led to widespread uncertainty when it comes to banking access for cannabis businesses. This has also affected other countries that are linked to the US for cannabis operations, preventing to carry out a number of international deals. For instance, Jamaica has pointed out that the USA’s banking policies have negatively impacted the local cannabis industry. However, yesterday the newest bill on Coronavirus relief funding included a section specifically improving access to banking services for the regulated cannabis industry.
Per the bill, “The purpose of this section is to increase public safety by ensuring access to financial services to cannabis-related legitimate businesses and service providers and reducing the amount of cash at such businesses.”
Back in September 2019, the House of Representatives passed the SAFE banking act, representing a historic moment for cannabis industry-related bill. Rep. Barbara Lee said that “Right now the cannabis industry needs access to safe and effective banking immediately.”
The vote on the package is expected on Friday. Only then we will know if banking access for cannabis businesses will be included in the final version of the bill.