As the midterm elections come to an end, we revisit the future of the SAFE Banking Act and the hurdles we expect to see in the coming Congressional term. If passed, the SAFE Banking Act would remove uncertainties surrounding federally regulated financial institutions, allowing financial institutions to bank the legal cannabis industry with less legal
Shelby D. Lomax
Shelby Lomax is an associate in Bradley’s Banking and Financial Services Practice Group.
Shelby received her J.D. from Belmont University College of Law, where she served as associate editor for the Belmont Law Review, treasurer of the Student Bar Association, and president of the Women’s Law Organization. Shelby earned a B.S. in Sport Management from Florida State University.
Cannabis Banking: Will the SAFE Banking Act Finally Pass?
Posted in Banking, Federal Law Developments
One of the largest headwinds facing the cannabis industry is the lack of access to banking services. Many financial institutions refuse to serve the multibillion-dollar cannabis industry given the regulatory uncertainty created by divergent state and federal cannabis laws. The SAFE Banking Act seeks to remove these ambiguities at the federal level, clearing the path…