The House of Representatives passed the SAFE Banking Act as included in the America COMPETES Act. The SAFE Act would provide protections for financial institutions serving cannabis-based businesses where it is legal. Medical or recreational cannabis laws have passed in many states across the country, but Nebraska has not done so. The Legislature debated a bill that would have legalized and regulated medical cannabis last session but it did not have enough votes to pass. A ballot initiative was sought in 2020 and garnered far more voter signatures than required to be placed on the 2020 General Election ballot, however, the Nebraska Supreme Court denied the inclusion of the initiative on the ballot citing that it did not comply with the states single subject rule requirement.
Supporters of legalizing medical marijuana in Nebraska are collecting signatures to bring the issue to the voters in 2022 after addressing the single subject issue cited by the Supreme Court. The ballot initiative in 2022 would provide for a right to the use of marijuana for medical purposes. Another ballot initiative is collecting signatures to allow for all persons in Nebraska to use cannabis in all its forms.
The League does not take a position on the legalization of cannabis but has said that should Nebraska legalize it that Nebraska’s credit unions should be able to serve cannabis-based businesses. The SAFE Act would ensure that if Nebraska did legalize cannabis that financial institutions across the state could serve what would be legitimate businesses.
