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Fox News reports that the US House of Representatives has passed a bill "that provides safe harbor to banks that work with legal marijuana businesses, removing a significant roadblock to growth in the budding cannabis industry."

According to the story, the Secure and Fair Enforcement Banking Act – known as the SAFE Banking Act "passed 321-103, with 91 Republicans voting for it and Alabama Rep. Terri Sewell the only Democrat voting against it."

However, Fox News reports that "the legislation faces an uncertain fate in the Senate, where Majority Leader Mitch McConnell has been reluctant to bring up marijuana-related bills."

Some context from the Fox News piece: "The SAFE Banking Act would allow cannabis businesses to access financial services that have long been difficult to find due to their gray-area status — often legal in their individual state but illegal federally. Even cannabis businesses like hemp growers and CBD manufacturers that don't work directly with THC, the intoxicating chemical in marijuana, have struggled to access banking services due to trepidation that still hangs over the industry. Under the bill, marijuana businesses would be able to open accounts, take on loans, accept credit cards and deposit money into banks that now seldom associate with them for fear of repercussions from the federal government.

"Those services will be important for a sector that added 64,389 jobs in 2018, according to a report by Leafly and Whitney Economics, and could grow even more as pot laws continue to loosen across the United States."
KC's View:
It seems to be a fact of life that cannabis, in some form or another, is going to be legal in this country in most places. Does anyone reasonably think that we are going to go back to the days when it wasn't? (To be honest, I have mixed emotions about this … but I think it is important to deal with the facts, not woulda-coulda-shoulda.)

And so, if the industry is going to be legal, what is to be gained by denying it access to financial services?I have trouble understanding this.

In fact, by doing so, it seems to me that "denial" is exactly what is happening … in a number of ways.