A bill aimed at protecting banks that service state-legal cannabis businesses has been reintroduced in the Senate. The Banking Bill has close to a third of the chamber as cosponsors. The bill would prevent federal regulators from penalizing banks.

The Banking Bill for the Senate is being sponsored by Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT). It also has 27 other cosponsors in the senate and over 100 members in the House who have signed as cosponsors.

Rep. Debbie Dingell tweeted “Americans in 47 states have voted to legalize some form of marijuana but businesses are still forced to carry around cases of cash. Congress needs to catch up. Its time to pass #SAFEBanking”.

The SAFE Banking Act would ensure that financial institutions could take on cannabis businesses without facing federal penalties. In the past, banks and credit unions have avoided working with the industry for fear of sanctions. This forces cannabis firms to function on a primary cash basis. As a result this can make them targets of crimes and causes complications for financial regulators.

In a recent press release, Senator Jeff Merkley said that people working in a store or behind a register shouldn’t have to worry about a robbery. Consequently he went on to advocate that we should not force legal cannabis businesses to operate entirely in cash. Daines tweeted out, “Our bipartisan bill will help increase public safety, reduce crime, support Montana small business, create jobs, and boost local economies. A big win for our communities”.

Now that Democrats are in control of both chambers of Congress, industry stakeholders are optimistic that the legislation could become law later this year.

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