Banks face challenges in providing services to the fast-growing cannabis industry due to inconsistency between state and federal law. On September 25, the SAFE Banking Act (the “SAFE Act”) was endorsed by the American Bankers Association (“ABA”) to help support banks in providing services to providers and lessors of real estate, and equipment in states where the cannabis businesses are legal. The SAFE Act has now passed the House, and may well be brought before the Senate this session. Jim Kaplan discusses how the SAFE Act could potentially affect this banking issue, and provides analysis and discussion on how the legislative debate might play out.
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