Law Daily Report

Justice with Jessica: Senate holds first hearing on cannabis banking bill

  • 📰 DenverChannel
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 63%

Law Law Headlines News

Law Law Latest News,Law Law Headlines

Traditional banks generally refuse to work with cannabis businesses because marijuana is still federally illegal, and they can face fines if they do. jcrawfordtv explains a new bill in Congress trying to change that.

The SAFE Banking Act would give cannabis businesses access to traditional banking services.

Denver7 has spoken with owners of local cannabis businesses about challenges they've faced in the banking industry. Supporters of the SAFE Banking Act say the cash-only model can make dispensaries targets for robberies. In Thursday's hearing, Ademola Oyefeso, UFCW Director of Legislative and Political Action, said that some banks in the country also refuse to serve cannabis employees.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 239. in LAW

Law Law Latest News, Law Law Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Marijuana banking bill heads to Senate Banking CommitteeShares of pot companies were trading higher on Thursday as the U.S. Senate Banking Committee prepares to discuss the SAFE Banking Act, a crucial legislation that would make it easier for the cannabis industry to access banking services.
Source: Reuters - 🏆 2. / 97 Read more »

Justice Ketanji Brown Jackson spoke more than any other justice this termSupreme Court Justice Ketanji Brown Jackson - the newest justice to the bench - spoke more than any other justice on the high court during arguments for the current term.
Source: WashTimes - 🏆 235. / 63 Read more »