US House: Federal Marijuana Banking Bill Gains 129th Sponsor

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The SAFE Banking Act in the US House of Representatives now has 129 sponsors.

Yesterday, Congressmember Dwight Evans (D-PA) joined as a cosponsor  to the SAFE Banking Act (H.R. 2891). This brings the total number of sponsors for the bill to 129, more than any other marijuana related measure in the US Congress.

The SAFE Banking Act aims to offer clear federal protections for banks and credit unions that provide financial services to state-legal marijuana businesses. This includes medical marijuana dispensaries in the 38 states where they are legal and recreational marijuana stores in the 23 states where they are authorized.

Additionally, the legislation would allow state-legal marijuana businesses to take standard IRS tax deductions, which is currently prohibited.

In September, the Senate Banking Committee approved a Senate counterpart of the bill, known as the SAFER Banking Act, with bipartisan support. Senate Majority Leader Chuck Schumer has pledged to bring the measure to a full chamber vote, but he has yet to set a date to do so. The SAFE Banking Act is sponsored by 27 Republicans and 102 Democrats.

Recent surveys indicate that 63% of U.S. adults support Congressional measures to allow cannabis businesses access to essential financial services in states where cannabis is legally recognized, while 17% are opposed.

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