To our clients and friends:
The U.S. House of Representatives approved its version of the SAFE Banking Act of 2019 yesterday. The legislation would create a safe-harbor for banks, thrift and credit unions to provide financial products and services to state-licensed cannabis businesses and their service providers.
The legislation also directs the federal banking regulators to jointly issue guidance on the legality of providing financial products and services to businesses that sell hemp, hemp-derived CBD and hemp-derived cannabinoid products.
The attached Alert summarizes the key provisions of the legislation.