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Lawmakers reintroduce SAFE Banking Act, a bill the cannabis industry hails as a lifeline

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The SAFE Banking Act, legislation aimed at freeing up banking services for the cannabis industry, stalled in last year's congress.

Key components of the bill protect banks that work with state-legal cannabis businesses from being penalized by federal regulators.

Prohibit, penalize or discourage a bank from providing financial services to legal cannabis businessesRecommend or incentivize a bank to halt or downgrade providing banking services to cannabis businessesThe legislation also creates a safe harbor from criminal prosecution, liability and asset forfeiture for banks, their officers or employees.

"SAFE will serve as a springboard for the US banking and financial sectors to meaningfully participate in this budding industry, and most importantly it will significantly reduce the safety risks faced by the thousands of employees of this all cash business," he said.

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