![]() Yesterday, banking representatives from all 50 states and one US territory sent a letter to Senate leaders. The banking association implored the senate to include cannabis banking reform in a large-scale manufacturing bill up for review. The American Bankers Association (ABA), together with the state associations urged congress to approve the SAFE Banking Act. SAFE stands for Secure and Fair Enforcement (SAFE) Banking. The letter said the SAFE Banking Act is “urgently needed, and widely supported.” The banking association spoke of how the “industry is operating primarily in cash, which causes significant public safety concerns.” The letter said that the SAFE Banking Act would promote transparency and improve tax collection. The letter summed it up well, saying, “The inability of the state-licensed cannabis industry to access safe and regulated financial services is a pressing concern for so many of our nation’s communities and the banks that serve them. With state-licensed cannabis businesses currently operating in 37 states and more states weighing legalization, we urge you to include the SAFE Banking Act in the compromise version of the COMPETES Act to address these critical issues as quickly as possible.” Multiple other legislatures have also vocalized their support as well as written letters to their colleagues on this issue. Representative Earl Blumenauer (D) of Oregon has been a long time supporter of cannabis reform. He also sent a separate letter on the issue to House and Senate this week, along withe SAFE Banking sponsor Representative Ed Perlmutter (D) of Colorado. At a recent American Banking Association event, Representative Perlmutter said that before he leaves congress, he will “continue to be a real pest, and persistent in getting this done.” Senator Patty Murray (D) of Washington, who is the third-highest-ranking Senate Democrat, recently reiterated her support for banking reform, and talked about how she’ll fight to get this action passed sooner rather than later. House Financial Services Committee Chairwoman Maxine Waters (D) of California, also said the SAFE Banking Act is a real legislative priority. Part of the urgency behind advancing this reform is a recent surge in crime targeting cash-intensive marijuana businesses in legal states. With burglaries and robberies on the rise at licensed cannabis retailers, Washington Governor Jay Inslee (D) and other officials have convened a meeting with marijuana stakeholders and financial institutions to “discuss cash-less options for store operations,” the state Liquor and Cannabis Board (LCB) said in a notice last week. Washington’s Governor Jay Inslee (D) and State Treasurer Mike Pellicciotti, along with others, said they will separately be sending another letter to Congress to reiterate their call for legislative action to address this banking issue. Now that so many high ranking politicians are supporting cannabis banking reform, it’s hoped that this increased pressure will finally get legislatures to get some cannabis banking laws passed. Comments are closed.
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