Bill > HJR14

This Joint Resolution urges the federal government to pass legislation, such as the SAFE Banking Act of 2019 or section 110606 of the Heroes Act, to allow legitimate cannabis-related businesses in states where cannabis is legal for medical or adult use to access financial services. The resolution explains that currently, these businesses often operate with large amounts of cash due to federal restrictions on banking, which creates public safety risks and makes it difficult to track revenue for tax and regulatory purposes. The proposed legislation would provide a "safe harbor" for banks and other financial institutions, meaning they would not face federal penalties for serving these businesses, and the proceeds from these businesses would not be considered proceeds from illegal activity solely because they come from a legal cannabis business. This would help integrate the growing cannabis industry into the formal financial system, enhancing public safety and financial system integrity without endorsing any specific state's cannabis legalization policies.