Heralded by the cannabis industry as “divine absolution,” the Secure and Fair Enforcement Banking Act of 2021 (SAFE Banking Act) fails to provide legal marijuana growers, processors, transporters or sellers (marijuana-related businesses or MRBs) with the access to banking that every other legitimate industry enjoys.

Banking and cash management have been among legalized marijuana’s greatest obstacles and, seeking to align federal and state “banking services access laws” by prohibiting federal banking regulators from penalizing banks servicing MRBs, the U.S. of Representatives passed the bipartisan SAFE Banking Act on April 20.