Wikileaf Hit The Nail On The Head: “SAFE Banking for Cannabis Businesses is on Life Support”

The other analogy is that the SAFE Banking act is like the President over the last week. Trying to stand tall and tough but essentially it looks like it is all over. Here at CLR we believe, sadly, if anything it is more likely it is that Trump will recover quicker than the SAFE Banking legislation.

here’s the introduction to the Wikileaf piece and we’d suggest it is well worth linking through and reading the entire article because their analysis means more of the same unless there are some proper changes in DC

Wikileaf write

“…the banks are tired of dealing with these rooms full of dirty cash that you have to Febreze, because they don’t want to be subject to the liability,” Rep. Alexandria Ocasio-Cortez (D-N.Y.) told Wikileaf

resident Donald Trump has now walked away from another potentially bipartisan coronavirus stimulus package, and that doesn’t bode well for locally legal cannabis firms. That’s because House Democrats included the SAFE Banking Act, which would allow marijuana companies to access the nation’s financial institutions, in their latest stimulus package – a package that now seems dead until after November’s elections.

The House passed its $2.2 trillion Heroes Act last week, and then lawmakers rushed to the airport. And – barring an emergency – none are expecting to be called back to Washington until after the election. And with that train now staying at the station, pro-cannabis lawmakers are worried marijuana dispensaries – and all the companies tied to them at the hip – are going to be left locked out of the nation’s financial institutions for the foreseeable future.

Read full article. https://www.wikileaf.com/thestash/safe-banking-for-cannabis-businesses-on-life-support/

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