SAFE Banking Act removed from manufacturing bill in blow in cannabis businesses

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Banking reform legislation that would allow legal cannabis operators to do business with U.S. financial institutions has been stripped from a manufacturing bill.

The SAFE Banking Act had been included as part of the America COMPETES Act, a bill designed to boost American manufacturing and innovation.

The cannabis banking provision was removed at the request of Republicans, Punchbowl News reported. Lawmakers on both sides of the aisle are working on the America COMPETES Act in an effort to get a final version passed before the August recess.

Rep. Ed Perlmutter (D-Colo.), the original sponsor of the bill, expressed his disappointment in a series of tweets on Thursday. "In the wake of the Senate’s inaction, people continue to be killed and businesses continue to be robbed."

"I will continue to push for [the SAFE Banking Act] to be included in COMPETES, other legislative vehicles, or for the Senate to finally take up the standalone version of the bill which has been sitting in the Senate for three and a half years," he added.

Multi-state operators: Cresco Labs (OTCQX:CRLBF); Columbia Care (OTCQX:CCHWF); Trulieve Cannabis (OTCQX:TCNNF); Green Thumb Industries (OTCQX:GTBIF); Curaleaf Holdings (OTCPK:CURLF); MedMen Enterprises (OTCQB:MMNFF); Acreage Holdings (OTCQX:ACRHF); Ayr Wellness (OTCQX:AYRWF); Verano Holdings (OTCQX:VRNOF); and Jushi Holdings (OTCQX:JUSHF).

A state banking regulators group and the U.S. Conference of Mayors have endorsed the SAFE Banking Act.

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