Legal professionals operating in the corporate sector should be aware of an emerging trend in legislation that may soon affect the cannabis industry. Proponents of marijuana reform have found reasons to celebrate in 2023, in spite of the challenges the industry faces. The political and social climate surrounding marijuana appears to be shifting favorably in recent years.
One of the most recent victories for the marijuana industry has been the passage of the Secure and Fair Enforcement Regulation Banking Act, or simply the SAFER Banking Act. On September 27, the Senate Banking Committee endorsed the bill, known as SB. 2860, in a notably bipartisan vote of 14 to 9. Following this, it was placed on the Senate legislative calendar under general orders.
This forward motion is a powerful sign of how serious US lawmakers are taking the issue of marijuana legalization and normalization. The SAFER Banking Act’s passage could represent the initial steps towards facilitating a smoother and safer economic climate for marijuana businesses.
As this legislation gains momentum, it’s critical for those involved in corporation law, whether in-house or at law firms, to remain informed of the developments. As the tide of public opinion continues to change, the legal landscape is likely to adjust along with it.
For a more in-depth discussion on this subject, consider browsing this examination of the SAFER Act.