Cannabis banking reform excluded from $900 billion coronavirus relief package

Cannabis banking reform will have to wait.

Such reform isn’t included in the 5,593-page, $900 billion coronavirus relief bill being considered Monday in the U.S. Congress, even though it was part of the initial U.S. House relief measure.

But there is still hope cannabis banking reform will be included if there’s a push for additional COVID-19 stimulus after President-elect Joe Biden assumes office in January, said David Mangone, director of policy for The Liaison Group, a Washington DC firm that lobbies for the National Cannabis Roundtable.
Cannabis banking reform would allow financial institutions to provide traditional banking services to state-legal marijuana businesses without fear of federal punishment.

The prospects of such reform – which was soundly passed by the U.S. House last year in the form of the SAFE Banking Act – also could brighten in the next administration under a new Senate banking chair.

That, of course, depends on whether Republicans maintain control of the Senate.

If Democrats were to win the two Georgia runoff seats in January, then cannabis banking reform would be more likely.

In the meantime, the coronavirus relief bill that could be passed Monday includes provisions that likely would help cannabis sales. Those include:

A $300-a-week jobless benefit supplement through mid-March.
$600 stimulus checks to Americans who earned less than $75,000 in the preceding tax year. Families also would receive a $600 for each child.
– Jeff Smith

Originally Published on 2020 12 21 by Jeff Smith | Marijuana Business Daily

Thank you for joining us today for our latest news post. If you have any questions or comments about this post, we’d love to hear from you in the comments! Join the newsletter to stay up to date on the latest Industry News and keep an eye out for our next news article!

Disclaimer: This content was sourced from Marijuana Business Daily and republished to our website to add value and additional content for our readers. In order to maintain the safety, functionality, and integrity of, the sourced content may have been altered. To access the original content, please click the link below:


Share on email
Share on facebook
Share on twitter
Share on pinterest
Share on linkedin
Share on reddit
Share on tumblr
The Editor

The Editor is the internet's largest CBD stores directory. Browse 100s of CBD businesses, find CBD near you, and more!
  • Comments are closed.
  • Sign Up For Our Newsletter

    Stay informed with the latest articles on our CBD blog

    Related Posts

    CBD hemp oil, Hand holding bottle of Cannabis oil against Marijuana plant. Herbal Treatment, Alternative Medicine

    How CBD Can Help You

    With more and more CBD products entering the market every year, the CBD industry is growing at a rapid pace. The industry is projected to

    Pin It on Pinterest