Is the SAFE Banking Act Doomed?

This month, Illinois became the latest state to allow sales of marijuana for recreational use. However, for cannabis companies to succeed and have better prospects of breaking even, there needs to be some kind of progress made at the federal level. Outright legalization isn't likely to happen anytime soon, at least not until there is a more pot-friendly government in place.

The more realistic hope is that a modest change -- one relating to banking -- could at least make things easier for cannabis companies. The SAFE Banking Act looked like it could play an important role in doing just that, and potentially be the catalyst behind a move to legalize pot federally, or at least move it out of its Schedule I classification.

However, it's run into a roadblock, and the prospect of the bill passing could be a long shot.

Source Fool.com