The intentions of the SAFE Banking Act are to give clarification on any proceeds that are generated by licensed cannabis firms within states that have cannabis laws should not be looked at as illegal.
A considerate amount of banking associations lobbied in support of the legislation because of being placed in difficult positions of listening to state regulators calls for banks to welcome cannabis establishments but also fearing federal regulators that hold cannabis as a highly controlled substance that should not be available for use.
The SAFE Banking Act of 2021 will now be entering the US Senate where Majority Leader Chuck Schumer has indicated his support for the cannabis banking bill, along with various other policy reforms with respect to cannabis.
American voters have spoken and continue to speak—and the fact is, you can’t put the genie back in the bottle.