Double-Edged Sword:
The SAFE Banking Act’s Medical Cannabis Solutions May Create New Problems
- Finscend’s new White Paper tackles the latest developments, arming the reader with data, projections, and solutions.
- On September 25, 2019, The United States House of Representatives passed the Secure and Fair Enforcement (SAFE) Banking Act. The intent of the law is to allow U.S. financial institutions to participate in the legal cannabis industry. Our new white paper examines the effects of the SAFE Banking Act. In addition to its likely benefits, we will focus on three particular areas of concern:
- Lack of protection for the consumer
- Potential costs to banks due to payment defaults and disputes
- Potential for abuse, leading to illicit secondary markets and danger to communities
- In addition, we propose feasible solutions, both legislative and technological, to improve the predicted outcomes of the Act.
