Reefer Sadness? SAFE Banking Act is Back

Home | Canna Law Blog | Reefer Sadness? SAFE Banking Act is Back The year 2021 was an emotional roller coaster for marijuana banking. It culminated in the death of the Secure and Fair Enforcement (SAFE) Banking Act in the Senate, when it didn't make it into the National Defense Authorization Act ("NDAA"). As a result, licensed cannabis businesses are left hanging high and dry (again) on broad access to marijuana banking. The maddening issue is that the SAFE Banking Act passed the House no less than five times over the past three years. Worse, Democrats control Congress and the White House, and top Democrats in the Senate killed the bill this last time for essentially political reasons. Representative Ed Perlmutter (from Colorado), the main sponsor of the SAFE Banking Act, vowed to file an amendment to the NDAA to re-include the SAFE Banking Act. He ultimately backed off though where such a move could have derailed the passage of the NDAA altogether. Now, because of Rep. Perlmutter's efforts, the SAFE Banking Act is back from the dead as an attachment to the 2022 America Creating Opportunities to Meaningfully Promote Excellence in Technology ("COMPETES") Act. COMPETES is another spending bill focused on making "our supply chains stronger" and ensuring that we can compete with China in a variety of industrial and technological sectors. Rep. Perlmutter is retiring from Congress after this session, so I hope this is his biggest push of all to get marijuana banking fully online at the federal level. The problem however, is this: the SAFE Banking language would eventually go back to the Senate for consideration (it's already preliminarily cleared the House for inclusion). Key Senate Democrats who claim to support cannabis legalization have taken the position that chipping away at federal prohibition with piecemeal legislation like SAFE Banking (or singular tax reform) isn't the way to proceed here. In the end, it's highly likely that SAFE Banking will die again. Whether that's because of certain ego-driven Democrats or because the GOP rolls the Democrats in the mid-terms, no one can really say. The hope I have remains with the States Reform Act, which would solve the banking issue in one fell swoop via broad legalization. Stay tuned. Check Out Our Cannabis Law Services Share Twitter Facebook LinkedIn E-mail Comment Canna Law Blog The Canna Law Blog is a forum for discussing the practical aspects of cannabis law and its impacts on the cannabis industry. We provide insight into how cannabis businesspeople can use the law to their advantage and in plain language we tell you what works and what does not. We aim to help you strategize how to wield the law as both a shield and a sword. Harris Sliwoski Blog Read more posts [email protected] Read More Banking, Federal law and policy Related Posts September 25, 2026 DEA Enforcement in a Changing Cannabis Landscape: Rescheduling, Hemp, and What Comes Next September 17, 2026 The Supreme Court May Decide if Cannabis-Related Residency Requirements are Unconstitutional September 16, 2026 A $31.8 Million Cannabis-Related Verdict That a Federal Court Wouldn’t Enforce September 15, 2026 Jason Adelstone Moderates Federal Cannabis Policy Discussion at IgniteIt Denver September 11, 2026 Medical Marijuana in Schedule III Survives Its First Major Challenge September 10, 2026 How to Acquire a Colorado Cannabis License September 4, 2026 The Intoxicating Hemp Products Ban Was Delayed a Month. Now What? August 31, 2026 Is the Global Shift to the Right Threatening International Cannabis Reforms? August 28, 2026 Oregon Cannabis Roundup: Fall 2026 August 26, 2026 Five Bills Every California Cannabis Operator Needs to Track in 2026 August 14, 2026 California Cannabis Contracts After Rescheduling: Why Your Contracts Need a Second Look August 4, 2026 DCC License Conversions After Rescheduling: How and When to Split A/M Licenses in California August 3, 2026 The Contradictions of Cannabis Law: From the United States to International Treaties July 28, 2026 What California Operators Must Do After Rescheduling: DEA Registration, License Restructuring, and 280E July 24, 2026 Medical Marijuana Schedule III Litigation: The D.C. Circuit's First Major Test Leave a comment Cancel reply