In order for the U.S. cannabis industry to reach its full potential, it needs access to the nation’s banking system at the same level that other legal industries have. Because the international banking system is so closely tied to the U.S. banking system, cannabis industries in other nations need banking reform to occur in the U.S. just as badly as the U.S. cannabis industry.
Right now a bill is being considered by the United States Senate that would provide comprehensive banking reform for the emerging cannabis industry. The Secure and Fair Enforcement (SAFE) Banking Act of 2019 has already passed in the United States House. It is expected that President Trump would sign the legislation if it made it to his desk.
If the SAFE Banking Act passes and becomes law, it will do more than just allow cannabis companies to make deposits into checking accounts. The reform measure would be a game-changer for technologies that are geared towards supporting the banking industry.