Why the Cannabis Industry Needs to Be Part of the SAFE Banking Act

Why the Cannabis Industry Needs to Be Part of the SAFE Banking Act

If you want a perspective on how allowing regulated banking in the cannabis industry would be monumental, just ask Robert Hoban. A leading cannabis lawyer and policy advisor with Hoban Law Group, Hoban also is a contributor to Forbes.com on legal issues related to the cannabis industry.

In a recent Forbes.com article, Hoban writes: “Simply put, the U.S. needs the SAFE Banking Act, the global cannabis industry needs the SAFE Banking Act, and our post-COVID-19 economy needs the SAFE Banking Act. Without banks, state-compliant cannabis businesses can’t accept credit cards, acquire loans, set up deposit accounts, write checks, run payroll, or pay taxes. All this currently enables money laundering, presents a safety hazard, and prohibits the U.S. from keeping pace with nearly all of its neighbors in the Western Hemisphere in the new commercial global cannabis economy.”

Read the full article on Greenhouse Grower

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