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US House of Representatives passes bill to protect banks that work with ganja industry

The Democratic-controlled US House of Representatives late Wednesday voted to pass a bill protecting banks that work with the ganja industry.
 
The Secure And Fair Enforcement (SAFE) Banking Act will now go before the Republican-controlled Senate.
 
The bill aims to give clarification to banks and credit unions that serve cannabis companies.
 
Currently, financial institutions face legal problems because ganja remains illegal on the federal level, even as more US states legalise it.
 
Lobbyists have emphasized that many cannabis businesses end up operating largely in cash, and that makes them targets for robberies and other crimes.
 
Good for ganja market 
 
In the meantime, Delano Seiveright, director of Jamaica's Cannabis Licensing Authority, said the successful passage of the SAFE banking Act in the US House of Representatives, signals a coming game change in the global legal cannabis market.
 
Mr. Seiveright said, while it is still early days, the passage of the act is a huge development as the issue of lack of access to banking for legal ganja businesses has been stifling the global industry, particularly Jamaica.
 
The Cannabis Licensing Authority has so far granted 55 licences for the cultivation of ganja, retail, processing as well as research and development.


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