Cannabis multi-state operators (MSOs) are hopeful marijuana banking reform is on the horizon after the legislation cleared a key hurdle on Wednesday.
Members of the Senate Committee on Banking, Housing and Urban Affairs voted 14 to 9 to send an amended version of the Secure and Fair Enforcement Regulation (SAFER) Banking Act to the full Senate for consideration.
The legislation aims to improve access to banking and financial services for legal cannabis businesses, many of which operate as cash-only enterprises due to marijuana being illegal at a federal level.
“Realizing this first vote out of the Senate signals strong bipartisan support from both chambers of Congress,” Trulieve Cannabis Corp. (CSE:TRUL) CEO Kim Rivers told Reuters.
“We are hopeful that the revised language and clearer guidelines for financial institutions will continue to break through the many unproductive hurdles that have prolonged the passage of this…
