SAFE Banking Act Reintroduced in Congress; Measure Remains on League's Legislative 'Watch List'

A measure to provide protections for financial institutions serving cannabis-based business in states where it is legal has been reintroduced in both the U.S. House and Senate. A longtime priority for the financial services industry, this measure has garnered significant bipartisan support in previous sessions of Congress, but never enough to win passage by both chambers.

“While the League takes no position on cannabis use itself, passage of the SAFE Banking Act would provide Virginia’s financial institutions with needed clarity and protections should they choose to serve the industry once an adult-use retail market is established here in the Commonwealth,” noted League Chief Advocacy Officer JT Blau.

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