UPDATE: SAFE Banking Act of 2019 passes U.S. House and is on to the Senate.

We wrote about the importance of the The Secure and Fair Enforcement Banking Act of 2019 yesterday. You can read that entry here

The importance of the SAFE Banking Act to paving the way for providing comfort to financial institutions in turn assuring they will provide services to the cannabis industry as well as giving other third parties safe harbor for the proceeds from transactions with cannabis-related businesses.

After yesterday’s vote, Representative Perlmutter – the chief sponsor, had this to say about the engines of progress: 

“If someone wants to oppose the legalization of marijuana, that’s their prerogative, but American voters have spoken and continue to speak and the fact is you can’t put the genie back in the bottle. Prohibition is over,” Perlmutter said on the floor. “Our bill is focused solely on taking cash off the streets and making our communities safe and only congress can take these steps to provide this certainty for businesses, employees and financial institutions across the country.”

The vote isn’t the end of the fight for cannabis reform. Supporters of the bill had even sought to put it on hold to try and facilitate a broader reform bill, but in an end-run around those efforts, the suspension of the rules process was utilized to get the SAFE Banking Act of 2019 passed.

Ashley Brandt

Hi there! I’m happy you’re here. My name is Ashley Brandt and I’m an attorney in Chicago representing clients in the Food and Beverage, Advertising, Media, and Real Estate industries. A while back I kept getting calls and questions from industry professionals and attorneys looking for advice and information on a fun and unique area of law that I’m lucky enough to practice in. These calls represented a serious lack of, and need for, some answers, news, and information on the legal aspects of marketing and media. I've got this deep seeded belief that information should be readily available and that the greatest benefit from the information age is open access to knowledge... so ... this blog seemed like the best way to accomplish that. I enjoy being an attorney and it’s given me some amazing opportunities, wonderful experiences, and an appreciation and love for this work. I live in Chicago and work at an exceptional law firm, Goldstein & McClintock, with some truly brilliant people. Feel free to contact me at any time with any issues, comments, concerns… frankly, after reading this far, I hope you take the time to at least let me know what you think about the blog and how I can make it a better resource.

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