Hemp banking language included in House defense bill

Read more about the amendment’s marijuana banking provisions at MJBizDaily.

Hemp banking provisions are included in a defense budget bill that passed the U.S. House Thursday night.

But the language directing banks to offer services to a “hemp-related legitimate business” has passed the House before. And the measure appears unlikely to clear the Senate.

The vote came Thursday when the House passed the National Defense Authorization Act for Fiscal Year 2022, a larger spending bill to which a cannabis banking measure was attached.

The SAFE Banking Act would open the door to banks and other financial institutions to serve state-legal marijuana businesses without fear of federal reprisal.

State-legal marijuana businesses have struggled for years to gain access to traditional financial services such as checking accounts, payroll services and lines of credit for operating capital.

As a result, many cannabis businesses conduct mainly cash transactions, which make them more vulnerable to criminal activity.

Jeff Smith