September 23, 2021

Help Us Pass the SAFE Banking Act

U.S. Hemp Roundtable

Big news from DC this week: The Secure and Fair Enforcement (SAFE) Banking Act has been amended into the FY22 National Defense Authorization Act (NDAA) after a House vote on Tuesday. The legislation, sponsored by Rep. Ed Perlmutter (D-Colo.), which places strong protections for hemp and CBD banking, heads now to the U.S. Senate.

Watch Congressman Ed Perlmutter on USHempTV discuss the SAFE Banking Act and how it would impact legally operating hemp and CBD and companies.

Earlier this year, the SAFE Banking Act passed the House by an overwhelming vote of 321 to 101, but was not taken up in the Senate. As discussed here, the cannabis banking bill was much improved after industry-requested explicit protections for banking and credit card processing services for hemp farmers and CBD businesses.

While all 50 states have legalized hemp production and more than 35 states have legalized cannabis for medical or adult use, ill-defined federal law continues to prevent banks, lenders, and credit card processing services from providing safe banking to legally operating businesses involved in the cannabis space.

Without access to these services, cannabis businesses are forced to deal with large amounts of cash which can lead to financial confusion or criminal activity.

All legal U.S. businesses deserve to feel SAFE banking!

Please use our Federal Action Center TODAY to contact your U.S. Senators and ask them to pass the NDAA with the SAFE Banking Act amendment. It’s as easy as typing in your name, email and zip code, and personalizing our draft message to share your story.