The Secure and Fair Enforcement Banking (SAFE Banking) Act of 2019, H.R. 1595, first introduced in 2017 and reintroduced in March 2019 by Rep. Ed Perlmutter (D-CO), was officially passed by the U.S. House of Representatives yesterday afternoon by a vote of 321 to 103.
The hemp and cannabis industries have had to operate through cash-only transactions caused by the industry’s barrier to banking problem. The SAFE Banking Act provides safer and more sustainable methods of payment which will protect the communities with digital tracking and provide smarter forms of transaction.
Work still remains to be done. As the bill continues through Congress, it is unclear whether the Republican-controlled Senate will support it.
In addition, according to the Natural Products Association (NPA), “This is a win for legitimate businesses who are selling CBD products, but the bottom line is it doesn’t change the fact that Congress needs to direct FDA [U.S. Food and Drug Administration] to set a safe level of consumption for CBD,” said Daniel Fabricant, PhD, president and CEO of the NPA. “We will continue to work with the House and Senate to ensure that consumers have the information they need to make informed decisions about their health, especially when it comes to the fast-growing CBD marketplace.”
For further details on the SAFE Banking Act, visit Nutrition Industry Executive’s previous article.