Federal Cannabis Legislation Approved by House Financial Services Committee
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Key takeaways:
- The House Financial Services Committee recently passed the SAFE Banking Act, making way for a vote by the full House of Representatives. As discussed in a prior Debevoise Update, the bill would lift federal barriers to providing financial services to the cannabis industry.
- Recent amendments expand the applicability of the bill’s safe harbor provisions to insurance companies and other non-depository institutions, among other changes.
- It appears increasingly likely that the SAFE Banking Act will pass in a vote by the full House of Representatives, though its prospects for enactment remain unclear given that many in the Republican-controlled Senate have continued to signal reticence with respect to approving such a major change in drug policy.