Cannabis banking bill reintroduced in US Senate

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A bipartisan group of more than 20 U.S. senators on Thursday reintroduced the Secure And Fair Enforcement (SAFE) Banking Act to protect financial institutions that serve state-legal cannabis businesses from federal punishment.

The lead sponsors are Jeff Merkley, an Oregon Democrat, and Cory Gardner, a Colorado Republican.

A House panel recently advanced its version of the SAFE Banking Act, a landmark development for a cannabis industry seeking to tap traditional sources of capital and wean itself from cash-only transactions that can cause security problems.

The full House vote on the act is expected as soon as June.