SAFE Banking Act - Behind the scenes of cannabis
June 4, 2020
Cannabis is the fastest growing sector of the U.S. economy
The U.S. House passed the SAFE Banking Act (Secure and Fair Enforcement) in 2019 and now heads to the Senate tucked in the new Corona Virus Relief Bill. Amidst the 1800 pages of House Speaker Nancy Pelosi’s $3 Trillion relief bill for the pandemic, page 1066 includes the SAFE Banking Act. If passed, cannabis related businesses would be allowed to work freely with banks for operations, commercial lending and prevent any federal banking regulator from intervening or fining the banks.
“Times are changing drastically due to cannabis deemed as essential during COVID19,” said Catherine M. Zito, CEO of Cannabis Business Solutions, Inc. "Even if it doesn’t pass in the Senate, the cannabis policy reform and industry as a whole moved forward significantly in just three months."
“We’re being patient and have a list of over 200 companies just waiting for the green light,” says Zito. "This is not a time to sit back and wait, but a time to seize an opportunity that's inevitable. Our company provides payment processing and banking solutions for medical cannabis dispensaries, recreation adult-use retailers, industrial hemp and CBD companies. We currently offer a cashless solution for medical dispensaries and recreation retailers in six states, however many of our clients are preparing to make application for credit and debit card processing when the time is right."
Passing the SAFE Banking Act could potentially prevent cross contamination through the exchange of cash, terminal keypads, ATM machines and close proximity between patients, customers and sales associates. Similar to pharmacies and grocery stores, drive-thru's and delivery services have become the norm in most states.
“The SAFE Banking Act would not only provide financial safeguards to the cannabis industry, but would actually increase the tax base and boost job growth industry wide,” said Ted M. Beinhorn Managing Partner of Expressway Business Loans. “So many cannabis business owners across the country would be more transparent and willing to invest more in their own future."
Executive director of the National Cannabis Roundtable, in a public statement, said "The NCR applauds the House for acknowledging the legitimacy of cannabis businesses and especially the work of Congressman Perlmutter who has been a tireless champion for the industry and its thousands of small businesses and workers.”
"When the SAFE Banking Act passes, it’s not going to be as easy as turning on a switch," says Zito. "From our experience, it will take the banks and processors time to hire and train additional employees for application review, processing and underwriting. We're at the front of the line guiding clients through the process so when the time is right they can make a successful application."
Meanwhile, back in the House, the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act continues to make progress. "The bill would remove marijuana from the Controlled Substances Act and create several grant programs to repair some of the harms created by prohibition and foster social equity in the industry," said Senior Contributor at Forbes, Kris Krane co-founder and president of 4Front, a leading investment and operations firm in the legal cannabis industry. "These programs would be exclusively paid for through a modest excise tax on sales from cultivators to processors, while cannabis businesses would see significant tax relief, as Section 280E of the Internal Revenue Code would no longer apply to them."
With less than a year to go in this session of Congress, it’s possible that we may see passage of the SAFE Banking Act and the MORE Act. However, our work is not done. If you're an advocate or in the industry it's important that you continue to reach out to your local officials and members of Congress to support these bills.
Join us at FMCCE! Connect with medical cannabis leaders, physicians, and patients for expert talks on the future of cannabis, clinical care, and policy. Get the latest OMMU update, practice tips, and earn CMEs/CEUs. Topics include pain, PTSD, women’s health & more. Don’t miss it! What - 8th Florida Medical Cannabis Conference & Expo When - May 30 - June 1, 2025 Where - Rosen Centre Hotel, 9840 International Dr., Orlando, Florida Agenda & General Info - https://fmcce.com Registration includes : Admission to all sessions and exhibition List of attendees (names and affiliations only) 2-continental breakfasts and 2-two drink tickets to receptions 3-refreshment breaks, name badge and program Conference proceedings and video recordings Access to hotel room block (based on availability) Tickets - Receive 25% off with discount code FCEIMG More info and registration (in-person or virtual admission Exhibit and Sponsor Specials - Showcase your products or services. Message Catherine Zito cz@catherinezito.com or mobile (813) 486-2416. Join the largest U.S. cannabis and hemp networking and education Meetups. Free Signu p
With insights from over 120 thought leaders including industry powerhouses like George Archos (Verano), Charlie Bachtell (Cresco Labs), Boris Jordan (Curaleaf), Tim Seymour (CNBC/Seymour Asset Management), and more, you'll be networking with the best in the business. What - Benzinga Cannabis Capital Conference When - June 8-10, 2025 Whe r e - Marriott Magnificent Mile, 540 N. Michigan Ave., Chicago, IL 60611 General Info Tickets - Receive 20% off. Enter discount code CBS20 REGISTER TODAY Join the largest U.S. networking and education Meetups. Free Signup ! For more info or exhibitor/sponsorship specials contact - Catherine M. Zito at c z@catherinezito.com or (813) 486-2416
FREE Tickets to Alternative Products Expo Miami! Join hemp and cannabis enthusiasts at the Alt Pro Expo, the ultimate trade show, April 3-5, 2025, at Mana Wynwood Convention Center in Miami, FL. Connect with top brands, buyers, and industry leaders in the premier smoke shop scene while exploring the latest innovations in counterculture products. Take advantage of exclusive show discounts, expand your network, and gain valuable industry insights. Register now for your free tickets! https://www.meetup.com/cannabis-entrepreneurs-investors/events/306173027/?eventOrigin=group_upcoming_events
Finding a reliable, cannabis compliant payment processor is crucial. While Square, CanPay, and Dutchie are an option, they fall short for cannabis businesses. Cannabis Business Solutions (CBS) offers compliant, profitable and seamless solutions. No application fee. Free consultation. and introductory equipment specials. CBScannabis.com
Join us at FMCCE! Connect with medical cannabis leaders, physicians, and patients for expert talks on the future of cannabis, clinical care, and policy. Get the latest OMMU update, practice tips, and earn CMEs/CEUs. Topics include pain, PTSD, women’s health & more. Don’t miss it! What - 8th Florida Medical Cannabis Conference & Expo When - May 30 - June 1, 2025 Where - Rosen Centre Hotel, 9840 International Dr., Orlando, Florida Agenda & General Info - https://fmcce.com Registration includes : Admission to all sessions and exhibition List of attendees (names and affiliations only) 2-continental breakfasts and 2-two drink tickets to receptions 3-refreshment breaks, name badge and program Conference proceedings and video recordings Access to hotel room block (based on availability) Tickets - Receive 25% off with discount code FCEIMG More info and registration (in-person or virtual admission Exhibit and Sponsor Specials - Showcase your products or services. Message Catherine Zito cz@catherinezito.com or mobile (813) 486-2416. Join the largest U.S. cannabis and hemp networking and education Meetups. Free Signu p
With insights from over 120 thought leaders including industry powerhouses like George Archos (Verano), Charlie Bachtell (Cresco Labs), Boris Jordan (Curaleaf), Tim Seymour (CNBC/Seymour Asset Management), and more, you'll be networking with the best in the business. What - Benzinga Cannabis Capital Conference When - June 8-10, 2025 Whe r e - Marriott Magnificent Mile, 540 N. Michigan Ave., Chicago, IL 60611 General Info Tickets - Receive 20% off. Enter discount code CBS20 REGISTER TODAY Join the largest U.S. networking and education Meetups. Free Signup ! For more info or exhibitor/sponsorship specials contact - Catherine M. Zito at c z@catherinezito.com or (813) 486-2416
FREE Tickets to Alternative Products Expo Miami! Join hemp and cannabis enthusiasts at the Alt Pro Expo, the ultimate trade show, April 3-5, 2025, at Mana Wynwood Convention Center in Miami, FL. Connect with top brands, buyers, and industry leaders in the premier smoke shop scene while exploring the latest innovations in counterculture products. Take advantage of exclusive show discounts, expand your network, and gain valuable industry insights. Register now for your free tickets! https://www.meetup.com/cannabis-entrepreneurs-investors/events/306173027/?eventOrigin=group_upcoming_events
Finding a reliable, cannabis compliant payment processor is crucial. While Square, CanPay, and Dutchie are an option, they fall short for cannabis businesses. Cannabis Business Solutions (CBS) offers compliant, profitable and seamless solutions. No application fee. Free consultation. and introductory equipment specials. CBScannabis.com
Explore a safer alternative for payment processing in the cannabis and hemp industry. Say goodbye to the risks and unreliability of non-compliant providers like Dutchie, Square, or PayPal, which can freeze your funds without notice. At Cannabis Business Solutions, we offer reliable, fully compliant payment solutions tailored for cannabis and hemp businesses, backed by live customer support—even on weekends. Plus, benefit from free referrals to trusted cannabis-friendly banks nationwide!
Discover how Cannabis Business Solutions offers a superior payment processing experience for dispensaries compared to Dutchie's Plaid system. With purpose-built reliability, real cannabis compliance, and faster transaction times, our debit option minimizes failures and enhances customer satisfaction. Experience a seamless checkout process that boosts sales and customer loyalty. Try us risk-free for 60 days and see the difference! For more information, visit CBScannabis.com.
Florida is on track to become the nation's largest marijuana market! Join 200 attendees, sponsors, and vendors, for this exciting networking and educational event. Industry leaders will discuss key topics; 22 new MMTC licenses, cannabis rescheduling to Class III, the SAFE Banking Act, MMTC mergers, and the Amendment 3 adult-use initiative. Don't miss this opportunity to grow your business in the expanding cannabis market! What - The Future of Adult Use and Medical Marijuana in Florida When - Monday, January 13, 2025 from 7:30am-5:00pm. Where - Donald L. Tucker Civic Center. 505 W Pensacola St, Tallahassee, FL 32301 Host - Medical Marijuana Business Association of Florida Meetup - Stop by the Cannabis Business Solutions booth and meet your Meetup host, Catherine Zito, along with Scott Curtis, COO of First Port City Bank. More info - Cannabis Entrepreneurs and Investors Networking Group Ticket Special - Receive $25 any ticket with discount code: CBSINC . General admission inc. breakfast, lunch, speakers and networking. $275 p.p. Non-Profits $200 p.p. Register today !
Looking for safe, compliant banking for your cannabis business? At Cannabis Business Solutions, Inc., we offer free introductions to over 60 privately held cannabis-friendly banks. Whether you're running a medical dispensary or adult-use cannabis retail business, we can connect you with secure financial services to ensure long-term success. Learn more at cbscannabis.com.
CBD-Infused Beverages for in-store retailers and ecommerce businesses. Catherine Zito, CEO of Cannabis Business Solutions shares about the trends, consumers, payment processing and sales projections.
The growing hemp and cannabis business faces some tricky issues when it comes to getting paid. But don't worry! Cannabis Business Solutions offers a straight forward approach to make the application process simple and smooth. CBS helps hemp, Delta, medical and recreational cannabis and related businesses with easy and efficient payment processing, whether you're selling in stores, online or mobile. Nobody likes the stress of their credit card account or bank suddenly closing for no reason. Catherine Zito, CEO of Cannabis Business Solutions, Inc. and the organizer of the three largest U.S. hemp and cannabis networking groups with over 6,000 members says this issue happens too often. Starting a business can be overwhelming, especially with payments. But a good payment processor should handle all the complicated items, like compliancy, keeping customers data safe, and offering an alternative to cash transactions. This is crucial, as relying solely on cash can expose staff and the business to the risk of theft. A hemp or cannabis friendly bank is required before making an application for merchant credit card processing. CBS works with over 60 banks and credit unions across the country. “Our job is to find the perfect fit for each merchant and give competitive rates to make sure they make the most money,” says Catherine Zito. Banks aren't all the same, so our good relationships make it easy for businesses to find a bank and apply for merchant processing without any fees or long contracts. We're here to give special help that fits each business's needs. We strongly advise seeking out a reliable individual or company to assist you with payment processing in the ever-evolving cannabis and hemp industry. For more information or to schedule a complimentary consultation, visit CBScannabis.com .