House Passes Safe Harbor For Banks To Serve Cannabis Cos.

Law360 (September 25, 2019, 8:02 PM EDT) -- The U.S. House of Representatives voted Wednesday to approve a federal safe harbor for banks to provide services for cannabis businesses where marijuana sales are now legal, moving to shield the institutions from rules that hinder financial support for the industry.

The chamber approved the SAFE Banking Act, 321-103, with two-thirds needed. Authored by Rep. Ed Perlmutter, D-Colo., the bill would protect the banking sector from legal liability for serving legitimate cannabis sellers, including setting up bank accounts and payroll services. The bill — pushed largely by Democrats but picking up strong Republican support with 26 GOP co-sponsors — will head...

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