There are tons of new proposals for federal cannabis legislation in Congress. We wanted to make things easy and clarify what they would do. This post covers the SAFE Banking Act, the Medical Marijuana Research Act, the Cannabidiol and Marihuana Research Expansion Act, and the Hemp Advancement Act. Part one in this series covered the MORE Act, the PREPARE Act, the States Reform Act, and the Cannabis Administration and Opportunity Act.
SAFE Banking Act
Representative Ed Perlmutter (D-CO) introduced the SAFE Banking Act in March 2021. The general purpose of the bill is to “prohibit a federal banking regulator from penalizing a depository institution from providing banking services to a legitimate cannabis-related business.” Those prohibited penalties would include prohibiting terminating or limiting deposit insurance or share insurance just because the institution provides financial services to a cannabis-related business, and prohibiting or discouraging a depository institution from providing financial services to a cannabis-related business. The bill would also establish that proceeds from transactions involving a cannabis-related business would not be considered proceeds from unlawful activity, which would be subject to anti-money laundering regulations. The SAFE Banking Act passed through the House of Representatives on April 19, 2021, and has been read