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Hudson Valley Congressional delegation backs SAFE Banking Act

Apr 20, 2021 12:04 pm

On April 19, Democrats Antonio Delgado, Paul Tonko, and Sean Maloney, and Republican Elise Stefanik, all voted for the SAFE Banking Act in the U.S. House of Representatives. The bill would make banking services more available to any business associated with marijuana. The recreational use of cannabis is now legalized in 17 states, the District of Columbia, the Northern Mariana Islands, and Guam. New York legalized recreational marijuana April 1, but it will be at least a year before sales begin. Marketwatch reported that, "Cannabis stocks rallied across the board in premarket trade Tuesday... after the House voted 321 to 101 in favor of a bill that would protect banks that do business with companies in states that have legalized the plant for medicinal or recreational purposes from federal enforcement action." The bill, which helps financial institutions deal with an industry that is still illegal federally, previously passed the House in 2019, and died in the Senate, which may also be the case this year.

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