Senate advances bill to allow marijuana industry to bank with financial institutions

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The Senate has advanced the bipartisan SAFER Act, which would allow legal cannabis businesses to access insurance and other financial services.

Former White House drug policy adviser Dr. Kevin Sabet breaks down the unspoken risks of weed legalization on 'Sunday Night in America.'to bank with financial institutions cleared a big hurdle in the Senate on Wednesday.

The legislation, which allows cannabis businesses access to insurance and other financial services, prevents banking institutions from closing an account unless there is a"valid" reason. Even though Daines co-authored the bill, he said during Wednesday’s mark up he doesn’t support the federal legalization of marijuana – rather, he narrowed in on his support for legal cannabis businesses being permitted to utilize banking services.

 

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