Industry groups react to passing of the SAFE Act of 2019

While more than 30 states and the District of Columbia allow for marijuana in some capacity, it remains illegal under federal law. (Photo: Diego M. Radzinschi/ALM)

Democratic control of the U.S. House of Representatives has brought a new wave of support to the cannabis industry. On March 28, 2019, the House Committee on Financial Services voted 45 to 15 to pass H.R. 1595, the Secure and Fair Enforcement Banking (SAFE) Act of 2019, which was drafted “to create protections for depository institutions that provide financial services to cannabis-related legitimate businesses and service providers for such businesses, and for other purposes.”

The bill was authored by U.S. Reps. Ed Perlmutter (D-Colo.) and Denny Heck (D-Wash.) and cosponsored by Reps. Warren Davidson (R-Ohio) and Steve Stivers (R-Ohio).