Indopedia All Things Marijuana
On Wednesday, GOP representatives in the House extinguished yet another amendment that could have granted cannabis-related businesses access to the federal banking system.
Introduced by U.S. Rep. Ed Perlmutter (D-CO 7th District), the amendment to H.R. 4293, better known as the “Secure and Fair Enforcement Banking Act of 2017,” is now officially dead.
Also referred to as the “Safe Act of 2017,” the discarded amendment to HR 4293 would have allowed America’s financial institutions to finally provide service for one of the country’s fastest-growing and lucrative industries – MARIJUANA.
Proposed as an amendment to the Comprehensive Capital Analysis and Review Process (H.R. 4293), the “Safe Act” was ultimately blocked when Rep. Blaine Luetkemeyer (R-MO) and Committee Chairman Jeb Hensarling (R-TX) played politics … rather than protecting their constituents.
A $7-billion industry in 2016, today’s marijuana businesses need a place to deposit their hard-earned cash. But granting the rapidly growing industry access to America’s federally insured banks isn’t just an economic issue. According to Congressman Perlmutter, his proposed measure was all…
