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Federal Cannabis Legislation Approved by House Financial Services Committee
1 April 2019
View Debevoise Update
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.
Satish M. Kini
Winston M. Paes
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