The majority of US banks remain incredibly wary of providing
services to cannabis or related businesses in the US, despite
advancements in federal law that are further legitimising the
The House Financial Services Committee has voted to advance
the Secure and Fair Enforcement Banking Act, or
the SAFE Act, which could help the financial services
sector provide banking services to cannabis-related businesses
in the US.
Although cannabis is currently legal in 10 states in the US
for recreational use, and 33 for medical use, federally it
remains a controlled substance as designated by the Controlled
Substances Act (CSA). If passed by Congress and the Senate, the
SAFE Act would offer a level of protection for national
financial institutions looking to make investments into
'cannabis-related legitimate businesses'.
Estimates suggest that the legal cannabis industry could be
worth as much as $30 billion globally within the next four
years. One regulatory...