House Passes Cannabis Bill To Shield Agents From Criminal Charges

In a major victory for the cannabis industry, the House of Representatives voted to allow federally chartered banks to do business with cannabis companies.

Practically, this means that cannabis dispensaries won’t have to operate entirely in cash, as it is now legal for them to deposit money into bank accounts. The bill was the first ever stand-alone cannabis bill, billed the Secure and Faire Enforcement (SAFE) Banking Act.

It was passed on a bipartisan basis, though a majority of Republicans voted against it. The bill now faces the Senate and has 33 cosponsors, which means it only needs 18 more supporters in the Senate to pass, unless it is vetoed by President Trump.

The Independent Insurance Agents & Brokers of America supports the bill, which would protect agents and brokers who write insurance coverage for legitimate cannabis-related businesses from criminal prosecution and civil liability. The bill passed the House with a vote of 321-103.

“The Big ‘I’ applauds the House of Representatives for passing the SAFE Banking Act and taking the steps necessary to protect agents and brokers,” said Charles Symington, Big “I" senior vice president of external, industry & government affairs. “The Big “I” especially wants to thank Rep. Ed Perlmutter (D-Colorado) and Rep. Steve Stivers (R-Ohio) for their leadership on this important legislation.”

Under current federal law, the cultivation, possession and distribution of marijuana is illegal, except for some limited research purposes. However, at the state level, all but a handful states permit medical marijuana use in some capacity, and several states now allow the sale of marijuana for recreational purposes.

“Now that the legislation has passed the House, the Big ‘I’ encourages the Senate to take action on cannabis legislation,” said Joseph Cortina, Big “I” director of federal government affairs. “Specifically, we encourage Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) to consider the SAFE Banking Act.”

This report compiled by InsuranceNewsNet staff.