First introduced as the Marijuana Businesses Access to Banking Act on July 10, 2013, the SAFE
Banking Act seeks to allow cannabis businesses access to the same banking services provided to
other businesses.
Currently, federal banks cannot take MRB (Marijuana Related Business) customers, forcing dispensaries to operate primarily in cash,
putting them at greater risk of robbery.
PayCash Group, however, partners with local banks, which have no such restriction.
The legislation has been reintroduced several times, passing the house on 5 occasions according to a September 2021
tweet
of the bill's sponsor, Representative Ed Perlmutter.
After last being removed from the military spending bill it had previously been a part of in
December 2021, the SAFE Banking Act has now been added as an amendment to the America COMPETES Act.
"Cannabis-related businesses – big and small – are in desperate need of access to capital &
the banking system in order to
operate in an efficient, safe manner & compete in the growing global cannabis marketplace."
- Representative Ed Perlmutter
The passage of this bill would mark a big step towards ensuring the safety of dispensary owners
and employees, as well as providing added convenience for both dispensary and customer.