SAFE Banking Act of 2023

This bill has been devised to provide financial protections to institutions dealing with state-sanctioned marijuana businesses. Key provisions include safeguarding depository institutions from penalties for providing services to marijuana-related businesses by ensuring these proceeds aren't viewed as proceeds from unlawful activities. It aims to resolve banking issues faced by marijuana businesses, which traditionally are driven to operate cash-only due to federal restrictions, heightening security risks and operational complexities.