SAFE Banking Act would make cannabis business easier

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If approved by the U.S. Senate, the bill would make it easier for shops to borrow money and take credit card payments.

When Phil Smith and Jenny Roseman first started their cannabis delivery business Freshly Baked, they struggled to scrounge together enough money to begin operations.

Since their business isn’t federally recognized, only a handful of banks would do business with them — a challenge that every new cannabis business must endure.

“We had to bootstrap this thing. Jenny and I went kitchen table to kitchen table to raise the money we did,” Smith said. “It would have been nice to just go get a business loan like a normal company.”

The Secure and Fair Enforcement or SAFE Banking Act, which passed through Congress in April 2021 and is waiting for a vote in The Senate, []

Source: SAFE Banking Act would make cannabis business easier

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