As business owners continue to wonder when all CBD products will be eligible for trademarks, the primary obstacle stems from conflicting federal regulations—including those related to food and drugs and the Farm Bill—and state rules regarding cannabis products. One such area involves federal banking regulations and the cannabis industry.

Last month, the U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing to re-introduce a crucial piece of legislation designed to address banking challenges faced by state-legalized cannabis businesses. Despite its name, the Banking Act (also known as the Secure and Fair Enforcement (SAFE) Banking Act) could be a significant step toward federal legalization of cannabis, which is expected to harmonize federal laws and bring consistency with state laws pertaining to cannabis.