New COVID-19 relief package would allow cannabiz banking and insurance

  • Banking access for legal cannabis businesses was included in a new federal stimulus bill introduced in the U.S. House of Representatives on Tuesday.
  • Language from the Secure and Fair Enforcement Banking Act, passed in the House in September and currently in limbo in the U.S. Senate, was incorporated into the Health and Economic Recovery Omnibus Emergency Solutions Act, or the HEROES Act.
  • The banking section of the legislation would allow cannabis-related legitimate businesses, that in many states have remained open during the COVID-19 pandemic as essential services, along with their service providers, to access banking services and products, as well as insurance, according to a summary .
  • Perlmutter is the chief House sponsor of the banking legislation.

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