SAFE Banking Act Reintroduced in Senate to Support Cannabis Industry

The Secure and Fair Enforcement (SAFE) Banking Act has been reintroduced in Congress to establish a legal framework allowing banks and financial institutions to serve state-legal cannabis businesses. Despite passing the House of Representatives multiple times, the bill has never received a Senate vote. This legislation is critical for the cannabis industry, as it would address the current banking restrictions that force many legal cannabis operators to operate primarily in cash, creating security risks and compliance challenges. For Puerto Rico's growing medical cannabis sector, federal banking normalization could streamline operations and improve accessibility to therapeutic cannabis products for patients with qualifying conditions.