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[Cannabis Profits Daily]
Friday, May 10, 2019
[Big Money Can't Get In - But You Can](
By Greg Miller
PayPal Inc. has thrown its weight behind the Secure and Fair Enforcement (SAFE) Banking Act of 2019.
We've been following [this legislation]( closely, because its passage will turn the flow of capital into the cannabis sector into an absolute torrent.
The SAFE Banking Act has support on both sides of the aisle - including from [key Trump administration officials]( - and it looks increasingly likely that we'll see the bill pass on to the Senate in short order.
Now Sen. Ed Perlmutter (D-CO), who introduced the bill, has shared that PayPal is offering its support, too. "The company, which more typically lobbies on issues like mobile banking, transaction fees, and international trade," Perlmutter said, "added pot banking in its first quarter 2019 lobbying report."
The purpose of the act is "to increase public safety by expanding financial services to cannabis-related legitimate businesses and service providers and reducing the amount of cash at such businesses." And while it's true that PayPal may wish well for the safety of individuals in the cannabis industry, that's not why PayPal is putting its money behind the bill.
This lobbying is a clear sign that mainstream financial services companies are clamoring to enter the cannabis game.
[As you'll see, PayPal isn't alone in this effort...](
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