Legislation to establish a cannabis-banking safe harbor was
introduced in the Senate after companion legislation passed out of a House committee last month.
The bipartisan Secure and Fair Enforcement Banking Act (S. 1200) was introduced in the Senate by Sens. Cory Gardner (R-Colo.) and Jeff Merkley (D-Ore.) with 20 additional original co-sponsors.
Like its House companion, which advanced on a 45-15 committee vote on March 28, the bill would establish a cannabis-banking safe harbor for financial institutions and ancillary companies that serve cannabis-related businesses in states where cannabis is legal.
Treasury Secretary Steven Mnuchin last week encouraged Congress to find a bipartisan solution to conflicting state and federal laws on cannabis regulation, noting that the IRS has built rooms to hold cash from cannabis-related businesses because they are forced to operate on a cash basis.
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