Competitiveness Bill and Cannabis Banking

Competitiveness Bill and Cannabis Banking

Competitiveness Bill and Cannabis Banking

At the beginning of 2022, The U.S. House of Representatives passed a bill that enables banks to serve cannabis businesses. [Note: the bill has not yet passed Congress.]

 

SAFE Cannabis Banking Explained

“SAFE Banking would give banks and other financial institutions a “safe harbor” for serving state-legal marijuana businesses.” Companies in a variety of states, where marijuana is legal, have continued to have issues setting up checking accounts, credit cards, and payroll services. And as a result, most then complete their business transactions using cash. This just increases the criminal and negative attitude many still have toward these companies.

 

April Bill Passed

The House passed a cannabis banking reform bill in April 2021, noting that this will be “the first major piece of marijuana legislation to be approved by the new Democratic-controlled Congress.”

 

What Comes Next

Given that seven of ten Americans believe marijuana should be legalized, there seems to be continued hesitation and opposition.”

Source- MJBiz Daily

 

Contact GreenLab Packaging

GreenLab Packaging is a proud supporter of the Cannabis industry. Whether you need a handheld filling machine, a complete fill-cap-label system, or an automated vape cartridge filling solution, we are proud to help our industry partners with their liquid packaging needs. For more information, please call 866.258.1914 or email info@filamatic.com. For immediate service, please complete the side form and submit. A local representative will contact you to provide additional information and answer any questions that you may have.

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