Late Monday evening, the U.S. House of Representatives passed the SAFE Banking Act with the two-thirds majority needed by a vote of 321–101.
Democrats voted for the bill 215–0. Republicans voted for the bill 106–101.
The SAFE Banking Act would legalize federally-regulated banking institutions to do business with state-legal medical and recreationally businesses, bringing an end to the all-cash nature of the business that is a target for theft, fraud, and tax evasion.
The House has passed the legislation in the prior Congress, both as standalone legislation and as measures tucked into COVID relief bills. Those attempts died in the then-Republican-held U.S. Senate.
With Democrats now in charge of the Senate and White House, there is much optimism that this could be the year the cannabis industry becomes federally legal in the states that allow it.