Banking: The SAFE Banking Act of 2021

In this course on the SAFE Banking Act of 2021, we’ll talk about the Secure and Fair Enforcement Banking Act: legislation that would impact the ability of federal banking regulators to intervene in the actions of a depository institution dealing with a legal cannabis business. Today, much of the United States has legalized some form of recreational or medical marijuana, including hemp and CBD products. Because cannabis remains illegal under the federal Controlled Substances Act, individuals who grow, possess, use, sell, transport, or distribute cannabis remain subject to federal criminal prosecution. Financial institutions providing banking services to legitimate and licensed cannabis businesses under state laws are subject to criminal prosecution.

As you can imagine, this is a big problem for businesses that legally grow, market, or sell cannabis in states that have legalized its sale, since they’re generally locked out of the banking system. In this course, you’ll learn about what the SAFE Banking Act intends to accomplish, when and if it becomes law.