New Marijuana Banking Bill: What’s Included and What’s Missing
The Secure and Fair Enforcement (SAFE) Banking Act (a marijuana banking act) has been reintroduced to the House by Rep. Ed Perlmutter (D-CO); this bill protects financial institutions that service state-legal marijuana businesses from being penalized by federal regulators. Previously, the bill had cleared the House but did not advance in the Republican-controlled Senate. There are currently 206 cosponsors of the marijuana banking bill, as well as expressed support from 13 Republicans. The bill does not federally legalize cannabis. It also does not contain long-sought relief from a corporate income tax penalty which allows only the cost of goods sold to be deducted as an operating expense, or provisions to allow stock market listings, although SAFE would allow banks to perform custodial services for U.S. firms’ stock trading.