The cannabis industry scored a win yesterday when the House of Representatives approved the SAFE banking act with overwhelming support.
The next stop is the Senate.
The proposal seeks to normalize the relationship between the cannabis and banking industries by removing federal penalties for banks that serve state-legal cannabis clients.
The bill, which was introduced by Rep. Ed Perlmutter (D-CO), passed through after a 321-101 vote.
The bill moves next to the Senate, where Sen. Majority Leader Chuck Schumer is expected to bring the legislation to the floor for consideration.
Schmuer has hinted in that federal legalization is on the horizon, despite the feelings of President Joe Biden.
