House Passes Cannabis Bill To Shield Agents From Criminal Charges

In a major victory for the cannabis industry, the House of Representatives voted to allow federally chartered banks to do business with cannabis companies. Practically, this means that cannabis dispensaries won’t have to operate entirely in cash, as it is now legal for them to deposit money into bank accounts.

The bill was the first ever stand-alone cannabis bill, billed the Secure and Faire Enforcement (SAFE) Banking Act.

It was passed on a bipartisan basis, though a majority of Republicans voted against it. The bill now faces the Senate and has 33 cosponsors, which means it only needs 18 more supporters in the Senate to pass, unless it is vetoed by President Trump.

The Independent Insurance Agents & Brokers of America supports the bill, which would protect agents and brokers who write insurance coverage for legitimate cannabis-related businesses from criminal prosecution and civil liability.