INDUSTRY UPDATES
March 02, 2020
Movement on SAFE Banking Act
ACTION ALERT!
It’s well known that many U.S. hemp farmers and CBD companies have struggled to secure safe and affordable banking and merchant services as the new industry booms. Guidance issued in December by federal financial regulators has been helpful, but still many smaller business face challenges, particularly with credit card processing.
As we shared last fall, the SAFE Banking Act – originally focused on marijuana commerce only – was amended to provide a clear safe harbor for hemp banking, and it passed the U.S. House by a more than 3 to 1 margin. For months, unfortunately, it has languished in the Senate.
However, our lobbyists report that there is movement, and we expect the Senate Banking Committee to finally mark up the bill in the spring.
We need your help.
Many Senators continue to waver on the issue, and they need to hear from you. Please use our web portal to send an email to your Senators today. We’ve drafted a sample message, but encourage you to share your stories as to why this bill is so needed.
Thanks for your help. When we raise our voices, we win!
