U.S. House: Federal Legislation to Allow Marijuana Banking Gains New Sponsor, Bringing Total to 130

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Congressmember Betty McCollum (D-MN) has joined as a cosponsor for the SAFE Banking Act, bringing the total number of sponsors for the measure to 130.

Congressmember Evans signed on as a cosponsor to the SAFE Banking Act (H.R. 2891) yesterday. The measure now has 130 bipartisan sponsors, more than any other marijuana-related bill in the U.S. Congress.

The SAFE Banking Act seeks to establish federal protections for banks and credit unions serving state-legal marijuana businesses. This includes thousands of dispensaries and retail outlets across the 38 medical marijuana states, and the 23 states that allow licensed recreational marijuana sales. The bill would also permit these businesses to claim standard IRS tax deductions, a benefit they are currently denied.

An updated Senate version of the bill, the SAFER Banking Act, has 37 sponsors. Last September, the Senate Banking Committee passed the measure 14 to 9, with bipartisan support. Senate Majority Leader Chuck Schumer has pledged to bring the measure to a full chamber vote, and has said he will include the HOPE Act to allow marijuana expungements, but he has yet to set a date to do so.

According to recent polling, 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.

The post U.S. House: Federal Legislation to Allow Marijuana Banking Gains New Sponsor, Bringing Total to 130 appeared first on The Marijuana Herald .