The U.S. House of Representatives passed a bill on September 25, 2019, that grants legal marijuana businesses access to banking, a measure that would clear up a longstanding problem for the cannabis industry.
The bill, called the SAFE Banking Act, passed 321-103 on the strength of near-unanimous support from Democrats and nearly half of Republicans. Its prospects in the Senate are uncertain, but supporters said the amount of Republican support in the House was a good sign.
"This is a sign the time has come for comprehensive cannabis reform," said Morgan Fox, a spokesman for the National Cannabis Industry Association. "The fact that we got almost half the Republicans is a huge sign we’re moving in the right direction toward sensible policies."
Including Florida, thirty-three states have legalized cannabis for medical or recreational use. But the federal prohibition on the drug has made it difficult for businesses in the multibillion-dollar industry to get bank accounts, loans and other financial services.
