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Congress is reconsidering the SAFE Banking Act to allow banks to work with the cannabis industry

In the next few weeks the U.S. Senate Banking Committee could take up a bill aimed at helping the cannabis industry get access to banking.

The SAFE Banking Act would protect banks and credit unions from being penalized for working with cannabis businesses licensed in states. Many banks won’t work with dispensaries and others in the industry because marijuana is still illegal under federal law.

This bill has been introduced several times in past years. 

The Show spoke with Demitri Downing, founder of the Marijuana Industry Trade Association, about the impact it could have in Arizona and if he expects Congress will actually pass the SAFE Banking Act this year.

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Mark Brodie is a co-host of The Show, KJZZ’s locally produced news magazine. Since starting at KJZZ in 2002, Brodie has been a host, reporter and producer, including several years covering the Arizona Legislature, based at the Capitol.