Bill that would give cannabis industry more banking access passes out of committee

WASHINGTON D.C., Virginia (KOLO) - A bill that would give the banking industry greater access to banking and financial services has passed out of committee.

The SAFER Banking Act has passed out of the Senate Banking, Housing, and Urban Affairs Committee after it was first introduced by Senator Catherine Cortez Masto in 2017.

“There are so many Nevada business owners who have opened legal cannabis businesses and created jobs across our state, and they should be able to access the same banking services as all other businesses,” said Cortez Masto. “Today’s vote is a historic step forward that will help keep Nevadans safe ‚and I’ll continue working with my colleagues to get this bipartisan legislation signed into law as soon as possible.”

The bill would create protections for financial institutions that provide financial services to state-sanctioned marijuana businesses and service providers.