Dope slips the rope

This week, the US House approved legislation that would clear the way for financial and insurance companies to serve state-legal marijuana businesses without fear of federal punishment.” Balanced Health Botanicals is hailing this, not surprisingly, as “a great step for state-legal marijuana businesses and further shows that legislation surrounding the cannabis industry, both marijuana and CBD, is constantly changing.”

As Marijuana Business Daily opined, “In a landmark move, U.S. House lawmakers on Wednesday approved overwhelmingly by a 321-103 vote legislation that would pave the way for financial institutions and insurance companies to serve state-legal marijuana businesses without fear of federal reprisal. Ninety-one Republicans voted for the measure, in a showing of strong bipartisan support. The bill – the first piece of cannabis legislation passed by either the full House or Senate – needed a two-thirds majority of those present and voting.”

According to Insurance Journal, “the SAFE Banking Act would prevent a federal banking regulator from terminating or limiting the deposit insurance or share insurance of a depository institution, or from taking any other adverse action against a depository institution solely because it provides financial services to a cannabis-related business.”

Independent Insurance Agents & Brokers of America said, “The Big ‘I’ applauds the House of Representatives for passing the SAFE Banking Act and taking the steps necessary to protect agents and brokers,” noting that the cultivation, possession and distribution of marijuana are illegal under current federal law, despite 33 states permitting medical marijuana use in some capacity, and several states now allowing the recreational sale and use of marijuana.