We’re In The Final Push To Pass SAFE Banking Before Congress’s Lame Duck Session Ends (Op-Ed)

We’re In The Final Push To Pass SAFE Banking Before Congress’s Lame Duck Session Ends (Op-Ed)
MJ moment

“Congress has an opportunity to assist hundreds of small and minority-owned businesses in medical and adult-use cannabis states across the country by passing SAFE Banking.” By Toi Hutchinson, Marijuana Policy Project December started on a high note with President Joe Biden signing the Medical Marijuana and Cannabidiol Research Expansion Act into law, and earlier this year we saw another significant step forward with his mass pardon of federal cannabis convictions. It’s clear that consistent efforts to advance cannabis policy reform in states across the country are bearing fruit on the federal level, and with the “lame duck” congressional session coming to a close, we’re looking to capitalize on the current momentum by pushing for the passage of the Secure and Fair Enforcement (SAFE) Banking Act legislation. As negotiations on “SAFE Plus” continue, the Marijuana Policy Project (MPP) and our allies are making a final push to call on Congress to pass this legislation before the end of the year. Passing this legislation as part of the must-pass omnibus appropriations package would make a huge difference for small state-legal cannabis businesses that are struggling to access capital and the banking services that other industries take for granted. Currently, the lack of banking undermines efforts to encourage small and minority-owned businesses to get into the market. Many states are looking for ways to boost social equity participation, but startups have serious challenges getting access to banking resources, creating a barrier to entry for these potential businesses before they can even start to participate in the social equity programs. And while some financial institutions have been willing to take the risk and will now work with cannabis businesses, the practical result is that banking services tend to be limited to the largest, best-capitalized companies, and this can leave small and minority-owned entities without…

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Source : We’re In The Final Push To Pass SAFE Banking Before Congress’s Lame Duck Session Ends (Op-Ed)

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