In a landmark first step toward normalization of the cannabis industry, the House of Representatives voted overwhelmingly Wednesday to pass the SAFE Banking Act, a bill that would provide state-legal marijuana businesses with full access to banks and other financial services, as well as allow consumers to use credit- and debit cards when buying legal weed.
The 321-103 vote followed spirited debate on the House floor. “The states aren’t waiting for us,” said Rep. Earl Blumenaur (D-OR). “This is an $11 billion industry and growing. And it’s growing because the people and the states are demanding it. We need to step up.”
House passage of the SAFE Banking Act is historic. It marks the first time congress has acted to carve out protections for state-legal recreational marijuana. “The federal tide is turning,” NORML Political Director Justin Strekal said Wednesday. “The era of Congressional inaction is over.”
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