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House leadership unveiled a coronavirus relief bill on Tuesday that includes provisions to protect banks that service marijuana businesses from being penalized by federal regulators.

Advocates, stakeholders and lawmakers have been pushing for some form of cannabis reform to be inserted into COVID-19 legislation. And this round, they were successful, with the language of the Secure and Fair Enforcement (SAFE) Banking Act making the cut.

Rep. Ed Perlmutter (D-CO), chief sponsor of the standalone bill that is being included in the new broad package, previously raised the issue in a Democratic Caucus meeting and said Speaker Nancy Pelosi (D-CA) supported it.

I just learned the #SAFEBankingAct is included in the CARES 2.0 package. I have been pushing for this because the #COVID19 crisis has only exacerbated the risk posed to cannabis businesses & their employees & they need relief just like any other legitimate business. #copolitics

— Rep. Ed Perlmutter (@RepPerlmutter) May 12, 2020

“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 text of the provision, which is attached to the 1,815-page coronavirus relief package, states.

The House passed the SAFE Banking Act last year and it’s since sat in limbo in the Senate Banking Committee. Negotiations over the bill have been ongoing, with the Chairman Mike Crapo (R-ID) recommending a series of changes, but Sen. Cory Gardner (R-CO) saying a deal was “close.” 

A House floor vote on the COVID-19 package is expected as early as Friday. It remains to be seen whether the Senate will go along with the banking provision’s inclusion.

This story is developing and will be updated. 

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The post Marijuana Banking Access Included In House Leadership’s Coronavirus Relief Bill appeared first on Marijuana Moment.

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Kyle Jaeger, KahliBuds, 420GrowLife