 Washington State Treasurer Mike Pelliciotti (Democrat) wrote an open letter asking his colleagues in other states to pressure Congress to take action on safe banking for the cannabis industry. Pelliciotti’s letter said, “We can no longer have this industry without access to banking when billions of dollars are changing hands in cash each year.” He added, "It’s just not safe to have this financial volume in cash.” and “You rob the places where the cash is,” (Pelliciotti said, as quoted by local television station KING5.)
The Seattle Times reported earlier this month that “there have been around 67 armed robberies so far in 2022,” which was double that of last year. There have also been several deaths during some of these robberies. Pelliciotti noted that, “These deaths are even more tragic because they’re preventable.” In an interview with Marijuana Moment last month, Colorado Treasurer Dave Young (D), another vocal supporter of federal banking reform, said cannabis businesses in his state “have a hard time finding an armored car service that will actually take them up on a contract and move the money.” Some cannabis businesses have managed to find limited banking services through credit unions or creative accounting, but it is hard to find and comes at a steep price. Many, however, are still operating solely in cash. Pellicciotti, who also spoke at the event, said that “a decade of congressional dithering is enough.” In his letter to colleagues, Pellicciotti said, “The U.S. House of Representatives has passed the SAFE Banking Act six times. I remain hopeful that the SAFE Banking Act can finally pass the Senate this year with our collective efforts.” The bipartisan SAFE Banking Act stands for Secure and Fair Enforcement Banking. It was introduced by U.S. Representative Ed Perlmutter (D-CO). Currently the SAFE Banking Act is included in a separate manufacturing and innovation bill, the America COMPETES Act. That measure is now headed to a committee where members will negotiate which parts to include in a final bill to send to the president. Having the SAFE Banking Act passed as a standalone bill would be the preferred choice, but Perlmutter said he will do whatever he needs to do to get it passed. In February he said he planned to offer the SAFE Banking Act as an amendment to “every single bill I possibly can until it’s passed.” Comments are closed.
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