The state-legal cannabis industry in America has come a long way despite being just a decade or so old. It has employed hundreds of thousands of individuals, generated billions of dollars in revenue, and filled state coffers with millions of dollars in tax revenue. Cannabis is still considered a Schedule I controlled substance at the federal level, however, and this classification has consistently been a thorn in the sector’s side.
Fearing reprisals from the federal government, banking institutions refuse to work with state-legal cannabis businesses, forcing them to operate on a cash-only basis, among other things. The Secure and Fair Enforcement (“SAFE”) Banking Act, a legislation that seeks to protect banks which that transact with businesses…
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