Committee Chair Sen. Mike Crapo has recently expressed his opinion on House-passed legislation — HR 1595: The SAFE Banking Act. The latter allows banks, and other financial companies to enter into partnership with the businesses in this industry having the state license. This blog post will tell you more about the cannabis banking reform and help you get easily approved for unique high-risk merchant services.
Cannabis Banking Reform
According to Sen. Mike Crapo, the steps taken for marijuana legalization on the federal level are unacceptable. Also, Crapo notes he isn’t for the SAFE Banking Act that passed in the House of Representatives.
Global legal-marijuana sales grew with more than three digits during 2014 – 2018, thus reaching about $11 billion. What’s going on right now in the U.S. has caused frustrations among those involved in the industry. They think the House has addressed most of the issues that Sen. Crapo is concerned about.
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Financial Services Industry: Marijuana Payment Processing
The financial services space has been trying to cope with the needs of the rapidly growing state-legal cannabis industry for a couple of years.
Now, according to the Secure and Fair Enforcement (SAFE) Banking Act of 2019 or S. 1200, those responsible for federal banking regulations can’t provide sanctions for banks that deal with cannabis businesses that are compliant with state laws.
This is also true of putting end to their services, doing anything with the loans given to those businesses, or putting a limit on a depository institution’s access to the Deposit Insurance Fund.
To sum up, the pressure to come up with an effective federal solution to the cannabis conundrum is still actual. Find the right high-risk processor to overcome the challenges in the industry easily.