Bipartisan Senators Push To Finally Enact Marijuana Banking Legislation

Bipartisan Senators Push To Finally Enact Marijuana Banking Legislation
MJ moment

Nearly a quarter of the members of the U.S. Senate are joining together to call on congressional leaders to ensure that marijuana banking provisions are enacted into law as part of a large-scale manufacturing bill. The 24 senators—including 19 Democrats and five Republicans—wrote in a letter that the Secure and Fair Enforcement (SAFE) Banking Act would “help cannabis-related businesses, support innovation, create jobs, and strengthen public safety in our communities.” The lawmakers, led by Sens. Jeff Merkley (D-OR) and Jacky Rosen (D-NV), want the marijuana provisions included in the America COMPETES Act, which a bicameral conference committee will discuss at its first meeting on Thursday. Noting that cannabis banking legislation has passed the House six times at this point, including as a standalone bill “garnering the support of more than three quarters of the chamber and a majority of the members of each party,” the bipartisan group of senators said that finally getting the reform enacted into law has “demonstrated broad support.” “The cannabis industry has become a powerful job creator and a significant generator of tax revenue,” they wrote. “However, financial institutions are often reluctant to transact with cannabis-related businesses, even in states that have some form of legalized cannabis, due to legal and regulatory risks arising from inconsistent federal and state laws. Allowing cannabis businesses operating legally and in compliance with state law to access financial services without federal reprisal would address public safety and compliance challenges, helping communities reduce cash-motivated crimes.” “Law enforcement organizations have publicly testified before Congress about these cash-related safety risks, including theft, robbery, and serious violence perpetrated against employees responsible for conducting what should be routine business operations. The same law enforcement organizations also have testified about the importance of moving these large amounts of cash in the cannabis industry into the banking…

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Source : Bipartisan Senators Push To Finally Enact Marijuana Banking Legislation

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