S.A.F.E Banking Act | Explanation

Opening a White Rabbit Cannabis Franchise means knowledge of local laws and federal laws, as well as how banking is impacted. Unlike more mainstream industries, cannabis retailing contends with bank restrictions due to federal laws.

What Is The S.A.F.E Banking Act?

The S.A.F.E Banking Act is a bill that aims to provide a safe harbor for financial institutions that provide services to cannabis-related businesses that are operating in compliance with state laws. It would prevent federal banking regulators from penalizing or shutting down banks and credit unions that serve cannabis businesses.

How Does The S.A.F.E Banking Act Impact Cannabis?

This legislation, if allowed to pass, would allow cannabis businesses to access basic banking services such as deposit taking, check cashing, and loan services. It would also provide more transparency and accountability in the cannabis industry by making it easier to track financial transactions.

What Is The Status Of The Legislation?

The bill has been passed by the House of Representatives but has not yet been passed by the Senate. In fact, the bill has passed in the House SEVEN TIMES! Obviously, the need is obvious and many legislators on both sides of the aisle grasp this. After all, doesn’t matter if you are a Republican or a Democrat when it comes to transparency about paying taxes..

Why Is It Not Getting Passed?

The bill has not passed into law yet because it has not been voted on and passed by both the House of Representatives and the Senate, and then signed by the President. The House has voted seven time to pass it. Every time the Senate has shot it down. Unfortunately, the current president also delivers mixed messages if he will sign or veto.

Can Voters Do Anything To Help?

Yes! Voters involvement makes all the difference. Get the S.A.F.E Act passed by contacting your representatives and urging them to support the bill. Educate yourselves about the bill and its provisions, and share information about it with others in your community. Additionally, voters attending town hall meetings and public events to express their support for the bill helps. Finally, participate in grassroots advocacy campaigns to raise awareness about the importance of the S.A.F.E Act.