Federal Reform for Legal Marijuana Moves Forward

A committee hearing is expected to take place at the end of September for the bipartisan bill known as the SAFE Banking Act, which aims to expand banking services for legal marijuana businesses. The Senate Banking, Housing, and Urban Affairs Committee is anticipated to hold a markup session for the bill, with both Republicans and Democrats expressing support and confidence in its passage. The bill would allow legal marijuana businesses to use major financial institutions, addressing the current issue of banks facing federal prosecution for providing services to such businesses. While the fate of the bill in the House remains uncertain, there has been a growing shift among Republicans in support of federal marijuana reform.