{"id":3883,"date":"2019-04-15T10:52:10","date_gmt":"2019-04-15T14:52:10","guid":{"rendered":"https:\/\/www.lindabury.com\/firm\/?p=3883"},"modified":"2021-03-03T12:09:18","modified_gmt":"2021-03-03T17:09:18","slug":"loans-and-financing-for-cannabis-businesses-everything-you-need-to-know-about-the-safe-banking-act-of-2019","status":"publish","type":"post","link":"https:\/\/www.lindabury.com\/firm\/insights\/loans-and-financing-for-cannabis-businesses-everything-you-need-to-know-about-the-safe-banking-act-of-2019.html","title":{"rendered":"Loans and Financing for Cannabis Businesses: Everything You Need to Know about the SAFE Banking Act"},"content":{"rendered":"<p style=\"text-align: justify;\">Despite the rapid growth of the cannabis industry, banks have been reluctant to provide financial services to cannabis-related businesses. Banks and other financial institutions fear that providing financial services to those in the cannabis industry could violate federal criminal laws and financial regulations such as <a href=\"https:\/\/www.law.cornell.edu\/cfr\/text\/31\/1020.320\">\u201cThe Bank Secrecy Act\u201d<\/a> (\u201cBSA\u201d) and the \u201cMoney Laundering Control Act\u201d codified under both sections <a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/18\/1956\">1956<\/a> and<a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/18\/1957\"> 1957<\/a> of title 18, of the United States Code.<\/p>\n<p>In an attempt to create protections for banks that wish to provide financial services to cannabis-related legitimate businesses and service providers, the U.S. House of Representatives has each year since 2013 introduced the \u201cSecure and Fair Enforcement Banking Act\u201d (or \u201cSAFE Banking Act\u201d).\u00a0 With a change of control of the U.S. Senate in 2021, this may be the year that the SAFE Banking Act is finally enacted into law.<\/p>\n<p>The SAFE Banking Act would provide a \u201csafe harbor\u201d for banks that provide financial services to legitimate cannabis-related businesses, specifically: (1) prohibiting federal banking regulators from terminating or limiting deposit insurance of the bank; (2) prohibiting or discouraging banks from providing financial services to such a business; (3) recommending, incentivizing, or encouraging a bank to not offer financial services to such a business; or (4) taking adverse or corrective supervisory action on a loan made to a person solely because the person owns such a business or owns real estate or equipment leased or sold to such a business.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.lindabury.com\/firm\/insights\/loans-and-financing-for-cannabis-businesses-everything-you-need-to-know-about-the-safe-banking-act-of-2019.html\"  title=\"Continue Reading Loans and Financing for Cannabis Businesses: Everything You Need to Know about the SAFE Banking Act\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Despite the rapid growth of the cannabis industry, banks have been reluctant to provide financial services to cannabis-related businesses. Banks and other financial institutions fear that providing financial services to those in the cannabis industry could violate federal criminal laws and financial regulations such as \u201cThe Bank Secrecy Act\u201d (\u201cBSA\u201d) and the \u201cMoney Laundering Control [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[400,65,89],"tags":[],"coauthors":[139],"class_list":["post-3883","post","type-post","status-publish","format-standard","hentry","category-cannabis-insights","category-insights","category-lindabury"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Loans and Financing for Cannabis Businesses: Everything You Need to Know about the SAFE Banking Act &#8212; April 15, 2019 &#8212; Lindabury, McCormick, Estabrook &amp; Cooper, P.C. Firm News &amp; Events<\/title>\n<meta name=\"description\" content=\"Despite the rapid growth of the cannabis industry, banks have been reluctant to provide financial services to cannabis-related businesses. Banks and other\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lindabury.com\/firm\/insights\/loans-and-financing-for-cannabis-businesses-everything-you-need-to-know-about-the-safe-banking-act-of-2019.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Loans and Financing for Cannabis Businesses: Everything You Need to Know about the SAFE Banking Act &#8212; April 15, 2019 &#8212; Lindabury, McCormick, Estabrook &amp; Cooper, P.C. Firm News &amp; Events\" \/>\n<meta property=\"og:description\" content=\"Despite the rapid growth of the cannabis industry, banks have been reluctant to provide financial services to cannabis-related businesses. Banks and other\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lindabury.com\/firm\/insights\/loans-and-financing-for-cannabis-businesses-everything-you-need-to-know-about-the-safe-banking-act-of-2019.html\" \/>\n<meta property=\"og:site_name\" content=\"Lindabury, McCormick, Estabrook &amp; Cooper, P.C. Firm News &amp; Events\" \/>\n<meta property=\"article:published_time\" content=\"2019-04-15T14:52:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-03-03T17:09:18+00:00\" \/>\n<meta name=\"author\" content=\"Lindabury, McCormick, Estabrook &amp; Cooper, P.C.\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lindabury, McCormick, Estabrook &amp; Cooper, P.C.\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Loans and Financing for Cannabis Businesses: Everything You Need to Know about the SAFE Banking Act &#8212; April 15, 2019 &#8212; Lindabury, McCormick, Estabrook &amp; Cooper, P.C. Firm News &amp; Events","description":"Despite the rapid growth of the cannabis industry, banks have been reluctant to provide financial services to cannabis-related businesses. Banks and other","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.lindabury.com\/firm\/insights\/loans-and-financing-for-cannabis-businesses-everything-you-need-to-know-about-the-safe-banking-act-of-2019.html","og_locale":"en_US","og_type":"article","og_title":"Loans and Financing for Cannabis Businesses: Everything You Need to Know about the SAFE Banking Act &#8212; April 15, 2019 &#8212; Lindabury, McCormick, Estabrook &amp; Cooper, P.C. Firm News &amp; Events","og_description":"Despite the rapid growth of the cannabis industry, banks have been reluctant to provide financial services to cannabis-related businesses. Banks and other","og_url":"https:\/\/www.lindabury.com\/firm\/insights\/loans-and-financing-for-cannabis-businesses-everything-you-need-to-know-about-the-safe-banking-act-of-2019.html","og_site_name":"Lindabury, McCormick, Estabrook &amp; Cooper, P.C. Firm News &amp; Events","article_published_time":"2019-04-15T14:52:10+00:00","article_modified_time":"2021-03-03T17:09:18+00:00","author":"Lindabury, McCormick, Estabrook &amp; Cooper, P.C.","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Lindabury, McCormick, Estabrook &amp; Cooper, P.C.","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.lindabury.com\/firm\/insights\/loans-and-financing-for-cannabis-businesses-everything-you-need-to-know-about-the-safe-banking-act-of-2019.html","url":"https:\/\/www.lindabury.com\/firm\/insights\/loans-and-financing-for-cannabis-businesses-everything-you-need-to-know-about-the-safe-banking-act-of-2019.html","name":"Loans and Financing for Cannabis Businesses: Everything You Need to Know about the SAFE Banking Act &#8212; April 15, 2019 &#8212; Lindabury, McCormick, Estabrook &amp; Cooper, P.C. Firm News &amp; Events","isPartOf":{"@id":"https:\/\/www.lindabury.com\/firm\/#website"},"datePublished":"2019-04-15T14:52:10+00:00","dateModified":"2021-03-03T17:09:18+00:00","author":{"@id":"https:\/\/www.lindabury.com\/firm\/#\/schema\/person\/429b3bd6b52a7aa6eb9a0709bbb4d06f"},"description":"Despite the rapid growth of the cannabis industry, banks have been reluctant to provide financial services to cannabis-related businesses. Banks and other","breadcrumb":{"@id":"https:\/\/www.lindabury.com\/firm\/insights\/loans-and-financing-for-cannabis-businesses-everything-you-need-to-know-about-the-safe-banking-act-of-2019.html#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.lindabury.com\/firm\/insights\/loans-and-financing-for-cannabis-businesses-everything-you-need-to-know-about-the-safe-banking-act-of-2019.html"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.lindabury.com\/firm\/insights\/loans-and-financing-for-cannabis-businesses-everything-you-need-to-know-about-the-safe-banking-act-of-2019.html#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"\/"},{"@type":"ListItem","position":2,"name":"Insights","item":"https:\/\/www.lindabury.com\/firm\/insights"},{"@type":"ListItem","position":3,"name":"Loans and Financing for Cannabis Businesses: Everything You Need to Know about the SAFE Banking Act"}]},{"@type":"WebSite","@id":"https:\/\/www.lindabury.com\/firm\/#website","url":"https:\/\/www.lindabury.com\/firm\/","name":"Lindabury, McCormick, Estabrook &amp; Cooper, P.C. Firm News &amp; Events","description":"Published by Lindabury, McCormick, Estabrook &amp; Cooper","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.lindabury.com\/firm\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.lindabury.com\/firm\/#\/schema\/person\/429b3bd6b52a7aa6eb9a0709bbb4d06f","name":"Lindabury, McCormick, Estabrook &amp; Cooper, P.C.","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.lindabury.com\/firm\/#\/schema\/person\/image\/3f2ca7450f0195db092bccff4fb8982e","url":"https:\/\/secure.gravatar.com\/avatar\/a19d0fac94b8d3d657028926f65c841917c5f8f0dd3f23ad394e83f16c690e09?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a19d0fac94b8d3d657028926f65c841917c5f8f0dd3f23ad394e83f16c690e09?s=96&d=mm&r=g","caption":"Lindabury, McCormick, Estabrook &amp; Cooper, P.C."},"sameAs":["https:\/\/www.lindabury.com"]}]}},"yoast":{"focuskw":"","title":"","metadesc":"","linkdex":"","metakeywords":"","meta-robots-noindex":"","meta-robots-nofollow":"","meta-robots-adv":"","canonical":"","redirect":"","opengraph-title":"","opengraph-description":"","opengraph-image":"","twitter-title":"","twitter-description":"","twitter-image":""},"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.lindabury.com\/firm\/wp-json\/wp\/v2\/posts\/3883","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lindabury.com\/firm\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lindabury.com\/firm\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lindabury.com\/firm\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lindabury.com\/firm\/wp-json\/wp\/v2\/comments?post=3883"}],"version-history":[{"count":5,"href":"https:\/\/www.lindabury.com\/firm\/wp-json\/wp\/v2\/posts\/3883\/revisions"}],"predecessor-version":[{"id":4740,"href":"https:\/\/www.lindabury.com\/firm\/wp-json\/wp\/v2\/posts\/3883\/revisions\/4740"}],"wp:attachment":[{"href":"https:\/\/www.lindabury.com\/firm\/wp-json\/wp\/v2\/media?parent=3883"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lindabury.com\/firm\/wp-json\/wp\/v2\/categories?post=3883"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lindabury.com\/firm\/wp-json\/wp\/v2\/tags?post=3883"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.lindabury.com\/firm\/wp-json\/wp\/v2\/coauthors?post=3883"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}