"Senate to Vote on Landmark Marijuana Bill"

The Senate Banking Committee has approved the Secure and Fair Enforcement Regulation (SAFER) Banking Act, a historic marijuana banking bill that aims to resolve the financial deadlock between cannabis companies and financial institutions. The bill, which has been in the works since 2015, will now move to the Senate floor. The current legal ambiguity surrounding marijuana has hindered its full potential, forcing cannabis-related businesses to operate on a cash-only basis. The bill could redefine the business of marijuana by allowing banks to provide services to the billion-dollar industry and addressing issues such as reputational risk and restorative justice.