US House of Representatives Passes Cannabis Industry Banking Bill

The U.S. House of Representatives passes a bill that would allow banks to service cannabis companies. It is historic because of its implications.

This Wednesday, for the first time, the upper house of representatives in the United States passed a standalone bill on cannabis reform.

The vote resulted in a result of 321 in favor and 103 against.

With this result, the law on the safety and proper application of banking laws to cannabis companies was passed into the Safety and Equity Banking Act (SAFE).

The bill was introduced by Democrats, but 91 Republican representatives voted in favor.

The aim of the measure is to protect banks and financial companies that collaborate and provide services to these sectors.

“If anyone wants to oppose the legalization of cannabis, that’s their right, but the American voters have spoken and they’re continuing to speak. The fact is, you can’t back down.” “Prohibition is over,” said Rep. Ed Perlmutter, who leads the SECURE Act. “Our bill is all about taking money off the streets and keeping our communities safe, and only Congress can take these steps to provide that certainty to businesses, employees and financial institutions across this country.”

The measure will be very well received by companies in the sector that are currently unable to use banking services and with what this means at an economic level.

The bill will now move to the Senate for final approval.