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Republican Senator Organizes Poll for the SAFE Banking Act-Marijuana Business Legislation

Charnell Lock

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Republican Senator organizes polling for the SAFE Banking Act-Marijuana Business legislation.
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Republican Senator Organizes Polling For The SAFE Banking Act-Marijuana Business legislation.

Marijuana is a proliferating billion dollar Industry but because it is deemed illegal by the US government, many banking corporations remain circumspect of offering services to a Marijuana business clientele, coercing them to operate on a strict cash-only basis.

The United States Senate Banking Committee held a hearing in June earlier this year to address and reconcile the banking issues of the Marijuana Industry, and to discuss the nonpartisan bill—the Secure and Fair Enforcement (SAFE) Banking Act, which provides monetary support and services to Marijuana businesses. The SAFE Banking Act was mandated by the House Financial Services Committee in March 2019.

The Chairman of the United States Senate Banking Committee, Michael Dean Crapo a Republican from Idaho said to Politico, a political media company on Thursday that though he is not in favor of cessation of federal Cannabis prohibitions, his panel intends to sit for voting on laws authorizing banks to offer services to licensed Marijuana industry starting from this year itself.

It is not yet clear as to what this legislation will offer but speculations are that the Democratic-controlled House will focus on ameliorating the pending SAFE Banking Act and the bipartisan Standalone Bill which aids protection for the banking houses offering services to the businesses in Marijuana-legal states.

It will also discuss the Appropriations Bill which states that none of the fund sanctioned by it, can be used to penalize the banking institutions, solely because they provide monetary services to an entity that is a manufacturer, a producer, or an individual, engaged in any business or organized activity that necessitates handling Marijuana or Marijuana based products, in compliance with state law.

The polling will be done in Senator Crapo’s home state, Idaho- one of only three states in the US with no legal Cannabis legislations in the constitution. Marijuana Policy Project of Idaho, an organization of Marijuana activists are in constant support of the Marijuana reform policies and are working on securing a federal legalization of Medical Cannabis by 2020.

The Political Director of the National Organization for the Reform of Marijuana Laws, Justin Strekal expressed his support by encouraging the Senate Banking Committee for organizing the polling of The SAFE Banking Act and believes that the outcome will be in favor of the bipartisan vote and steer the government towards ending federal prohibitions and decriminalization of Marijuana.

Charnell Lock lives in sunny San Diego but is originally from North Carolina and has been writing professionally since 2011. After four years with the Navy and an Associate's Degree in Liberal Arts, Charnell found her passion in creating diverse content with well-formatted research. Along with her years in active duty service, she is capable of crafting whimsical short stories to medical-oriented papers as her capacity to contribute here is immense and will be a staple for many years to come.

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