Todd Runestad | Apr 20, 2021
As if by design, on the eve of 4/20, the U.S. House of Representatives overwhelmingly passed the SAFE Banking Act by a vote of 321-101, paving the way for cannabis businesses to access the financial system. “The banking drama I believe has impacted hemp just as much as, if not more than, MMJ,” said Rick Trojan, president of the Hemp Industries Association trade group. “Far too many of our members have had bank accounts closed and lost access to services vital to growth of their companies.” “…The cannabis banking bill was much improved this year by industry-requested explicit protections for banking and credit card processing services for hemp farmers and CBD businesses,” said the U.S. Hemp Roundtable in a statement. “A similar bill died in the upper body last year, but with the change in party control, its prospects appear bright…”