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Cannabis Banking Provision Removed from China Competition Bill

Lawmakers have reportedly dropped language that would make banking services easier for state-authorized cannabis businesses from the USICA/America Competes compromise legislation, aimed at enhancing U.S. competition with China. The House-passed legislation included the SAFE Banking Act, which would prohibit federal banking regulators from penalizing depository institutions for providing banking services to legal cannabis businesses. In order to expedite negotiations in search of a quick deal, the SAFE Banking provision was stripped from a slimmed-down compromise version of the competition bill that’s now being drafted. Read more here.

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The Convenience Distribution Association (CDA) is the trade organization working on behalf of convenience products distributors in the United States. Its distributor members represent more than $102 billion in U.S convenience product sales, serving a wide variety of small retail formats. Associate members include leading convenience product manufacturers, brokers, retailers, suppliers and others allied to the industry.

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