U.S. House Passes SAFE Banking Act
The SAFE Banking Act was designed to allow legal marijuana companies to use professional banking services. It protects banks and credit unions from federal enforcement of banking laws so that banks may hold money for legal marijuana businesses.
But thanks to Kentucky Congressman Andy Barr, the SAFE Banking Act will also create protections for legal hemp companies as well. He sponsored an amendment to the bill, which is expected to pass the House easily, as it did in previous years.
Hemp companies still struggle to obtain some banking services, and most hemp farms or businesses have had trouble gaining access to credit card processing, insurance, and payroll services. The Kentucky Hemp Association is grateful to Congressman Barr for including Kentucky’s newest commodity in those laws, and grateful to our KYHA Treasurer, Rick Vance, for going above and beyond to help. Rick continues to work toward removing regulation barriers and will continue to be in close contact with Congressman Barr’s office.
Now that it has passed in the House, the SAFE Banking Act will likely have an uphill battle in the Senate, as it competes for attention with other criminal justice reform measures. We are asking our members and friends to contact their Senators in support of “Safe Banking” for hemp companies. Let them know why this bill is important to your business and family.
This link will take you to an easy to use menu to find contact information for your Senators.