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:
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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