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House Passes SAFE Banking Act to Protect Banks and Cannabis Companies

House Passes SAFE Banking Act to Protect Banks and Cannabis Companies

Legitimate cannabis producers and related businesses would no longer be treated like illegal operations in the financial world if a bill that was passed Monday evening by the House of Representatives becomes law. The Secure and Fair Enforcement Banking Act -- aka, the SAFE Banking Act -- would open up financing and allow banks to establish relationships with marijuana businesses operating in states that have legalized the plant for medicinal or recreational purposes. The measure specifically prevents federal regulators from sanctioning banks and other financial institutions that do business with such companies.