Jeffrey Miron & Erin Partin of The Cato Institute recently reported on the US House of Representative’s 1,800 page long coronavirus relief bill today. Included is a provision approving the Secure And Fair Enforcement Banking Act (SAFE Act) of 2019, which allows cannabis manufacturers and sellers in states that have legalized or medicalized marijuana, to access the banking system, develop lines of credit, and be eligible for other protections. From the bill:
“The purpose of this section is to increase public safety by ensuring access to financial services to cannabis‐related legitimate businesses and service providers and reducing the amount of cash at such businesses.”
The SAFE Act was approved by the House of Representatives last October in a vote of 321–103 but has since been snarled in Senate committee hearings. While the current coronavirus relief package will likely fail in the Senate, at least some lawmakers are still trying to improve cannabis policy.
Legitimate businesses that are operating under the auspices of state law already can obtain honest, fair, legitimate credit card processing with “no BS.” Through special arrangement with domestic US banking and financial institutions, Unido Digital is able to facilitate these merchant services for cannabis related legitimate businesses and service providers, including web, retail, startup an “high risk” operations.
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