Safe Banking Act passes in U.S. House, local cannabis businesses could be impacted

Eureka, Ca., (KIEM) A proposed bill that prohibits a federal banking regulator from penalizing a bank for providing banking services to a legitimate marijuana-related business was passed by the U.S. House of Representatives, last week.

The bill is known as the Safe Bank Act.

The act is in its first stages and still, must go through the Senate for approval.

If made law, local cannabis businesses here on the Northcoast would then be able to take credit and debit cards.

Manager of Proper Wellness Center, Julius Adams said being a cash-only business has its limitations. He added, consumers spend 20 percent less in cash-only businesses. And working with bank would ensure safety.

“It would be a great impact for our business,” said Adams. “We would have the ability to have safe banking, get business loans, we can have lines of credit. A real chance of success. We definitely hope that the act will be passed. We feel like it’s a benefit for not only the cannabis industry but also for investors throughout the world.”

The Safe Bank Act was first introduced back in March of this year.