The U.S. House of Representatives is expected to vote on the Secure and Fair Enforcement (SAFE) Banking Act in the coming weeks. The bill passed out of committee earlier this year with bi-partisan support.
The SAFE Banking Act would open up the nation’s banking industry to cannabis businesses.
Josh Hovey is a spokesman for the Michigan Cannabis Industry Association. He says marijuana businesses currently have to operate as an all-cash basis.
“Paying employees in cash. Paying your utilities. Your taxes. All those things,” says Hovey. “It doesn’t make sense for a modern business, a modern industry to operate like we are in the 19th century.”
The bill faces an uncertain future in the Republican-controlled U.S. Senate.