top of page
  • Christopher D.

The Latest on the Federal Marijuana Banking Bill: An In-Depth Update

The landscape of the cannabis industry in the United States is on the cusp of a transformative shift, with significant implications for marijuana businesses and consumers. The Secure and Fair Enforcement Regulation (SAFER) Banking Act, a pivotal piece of legislation, has recently undergone crucial amendments and made headway in the Senate Committee on Banking, Housing, and Urban Affairs.

This act has the potential to revolutionize how the regulated marijuana industry accesses fundamental banking services, and its recent developments have ignited anticipation and discussions across the nation. In this comprehensive blog post, we will dive deep into the SAFER Banking Act, explore the latest changes, and shed light on the potential impact on the marijuana industry.

The Secure and Fair Enforcement Regulation (SAFER) Banking Act

Introduced on September 21, the SAFER Banking Act tackles a critical challenge confronting the cannabis industry: the limited access to essential banking services. Due to marijuana's federal Schedule I classification, financial institutions have been reluctant to engage with cannabis enterprises.

Consequently, numerous cannabis operators, including small independent businesses, have been constrained to operate primarily through cash transactions. This cash-centric approach exposes operators, customers, and staff to an array of risks, including security vulnerabilities.

The core objective of the SAFER Banking Act is to rectify this situation by streamlining the process for cannabis businesses operating in compliance with state or tribal laws to access traditional banking services. The bill places emphasis on compelling federal regulators to establish consistent guidelines and examination procedures for transactions related to cannabis.

Additionally, it introduces safeguards preventing regulators from arbitrarily shutting down bank accounts without a valid cause. Moreover, this legislation extends protections to employees of state-legal cannabis businesses seeking residential mortgages funded by federal programs.

A Swift Evolution

The SAFER Banking Act swiftly progressed through the Senate legislative panel, with amendments added to address specific concerns. The bill's new version was introduced by Senator Steve Daines, a Republican from Montana, and Senator Jeff Merkley, a Democrat from Oregon. The latest amendments have not been publicly disclosed, but they are pivotal in shaping the future of marijuana banking.

Key Amendments to the SAFER Banking Act

The revised SAFER Banking Act carries several key amendments that warrant attention:

  • Extension of Timeline: The previous version of the SAFER Banking Act provided a 180-day timeline for the Treasury secretary to publish updated guidance for banks serving the cannabis industry. The revised legislation extends this timeline to one year, allowing financial institutions and regulators more time to adapt to the changes.

  • Clarification of Financial Transactions: The amendments include changes that clarify language concerning financial transactions involving cannabis. It stipulates that such transactions should not be considered "proceeds from an unlawful activity," offering greater transparency to the financial industry.

  • Congressional Oversight: The SAFER Banking Act amendments require the director of the Financial Crimes Enforcement Network (FinCEN) to testify before Congress about efforts to combat money laundering within one year of the bill's enactment. This provision enhances accountability and ensures ongoing vigilance in regulating the cannabis banking sector.

  • Protection for Financial Institutions The amended legislation adds federal home mortgage banks to the list of financial institutions protected from federal sanctions solely for offering services to marijuana businesses operating within the bounds of state or tribal law. This expansion further safeguards the banking sector's participation in the marijuana industry.

  • Minority and Community Access: The latest changes also impact the reporting of access to financial services. While the revision eliminates a subsection related to banking services for rural, tribal, and low-income or middle-income communities, it remains focused on addressing the needs of minority-owned, veteran-owned, women-owned, tribal community-owned, and small state-sanctioned marijuana businesses.

  • Section 10 Revisions: Section 10 of the SAFER Banking Act, a critical component, has undergone alterations to provide protections to industries that may pose reputational risks, such as firearms, energy, and cryptocurrency. The revised section narrows the discretion of federal regulators and aims to safeguard businesses from discrimination.

The Road Ahead

Despite its progress in the Senate, the SAFER Banking Act encounters resistance within the House of Representatives. Of specific concern is the amended Section 10, which some members worry still provides banking regulators with excessive discretion, potentially resulting in discrimination against businesses seen as contentious. Senate Majority Leader Chuck Schumer has committed to swift action, expressing his intent to bring the SAFER Banking Act to a comprehensive Senate vote.

Furthermore, he plans to introduce amendments related to criminal justice, including the expungement of previous marijuana-related offenses and safeguards for the gun rights of marijuana users.

The Crucial Role of Medical Marijuana

As discussions and amendments unfold regarding the SAFER Banking Act, the importance of medical marijuana should not be overlooked. Medical marijuana is a vital form of treatment for numerous individuals coping with chronic pain, debilitating illnesses, and conditions unresponsive to traditional remedies. The ongoing developments in the marijuana industry, both at the federal and state levels, highlight the significance of medical marijuana.

Obtaining a medical marijuana card is an intelligent choice for individuals seeking access to the therapeutic potential of medical marijuana. This card legitimizes your use of medical marijuana and offers several advantages, including enhanced privacy, expert guidance, and a personalized approach to well-being.

The SAFER Banking Act represents the dynamic transformation occurring in the realm of marijuana regulation, underlining the determination to provide fair access to financial services for cannabis enterprises. With each step forward in this legislation, the marijuana industry anticipates groundbreaking changes, instilling hope and ensuring security for countless individuals within the community.

The federal marijuana banking bill remains in a state of evolution, symbolizing the changing attitudes towards cannabis in the United States. The potential advantages for both cannabis businesses and consumers are substantial. Amid these progressive developments, the medical marijuana program retains its position as a guiding light, serving as an indispensable resource for those in pursuit of alternative treatments.

Get Your Medical Marijuana Card Today!

Medical marijuana is legal in the State of West Virginia, and you can apply for your very own medical card today! You need your medical card to visit any dispensary in the state.

If you think you may benefit from medical cannabis, there is a good chance you will qualify for a card. It is now easier than ever to get your card with telemedicine, right from the comfort of your own home!

Being a West Virginia medical marijuana patient allows you the freedom to establish your own personalized treatment plan. We’re dedicated to helping patients every step of the way!

Feel free to give us a call at 877-303-8424 and we can answer your questions about getting a medical marijuana card in West Virginia.


Doctors Who Care.

Relief You Can Trust.

West Virginia Marijuana Card’s mission is to help everyone achieve wellness safely and conveniently through increased access to medical marijuana. Our focus on education, inclusion, and acceptance will reduce the stigma for our patients by providing equal access to timely information and compassionate care.

If you have any questions, call us at 877-303-8424, or simply book a medical marijuana evaluation to start getting relief you can trust today!

Check out West Virginia Marijuana Card’s Blog to keep up to date on the latest medical marijuana news, tips, and information.



bottom of page