Posts tagged SAFE Banking
House Votes on SAFE Banking to allow Cannabis & CBD businesses access to banking

U.S. House voted on SAFE Banking Act 9/25 to allow cannabis and CBD companies access to banking. Now must pass Senate.

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New Bill Would Allow Loans for Cannabis Businesses

The Ensuring Safe Capital Access for All Small Business Act would allows the SBA to offer loans to cannabis businesses. With start up costs estimated at around $775,000 for each new business, it would be an essential step in creating a more equitable and inclusive cannabis industry.

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SAFE Banking Act would Provide Banking for Cannabis Businesses - Update

The SAFE Banking Act would create a sea change for cannabis businesses in terms of access to banking and is likely to pass the House within the next month. The Act has bipartisan support and 206 co-sponsors.

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SB 51 Cannabis Banking Reform Progresses in California

Many cannabis businesses in California remain unbanked due to the perceived risks of banking with cannabis companies. Despite FinCEN guidance and different levels of SARs reporting available to banks, many still steer clear of cannabis companies, viewing it as too risky. The result is that even though over 500 banks have filed cannabis related SARs recently, thousands of cannabis companies in California are still operating on a cash-only basis. To address this issue, California’s State Senator Bob Hertzberg has re-introduced a bill that would enable limited-purpose banking through private banks and credit unions. Senate Bill 51 would create the Cannabis Limited Charter Bank and Credit Union Law and a corresponding advisory board to oversee all financial activity related to cannabis businesses opting to use these state-chartered cannabis banks.

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