State Marijuana Associations Urge Marijuana Bank Vote "Without Further Delayed"

A coalition of state marijuana association is urging Senate leaders to pass the bipartisan cannabis banking legislation “without further delay.”

The American Trade Association for Cannabis and Hemp, along with other trade groups that represent marijuana businesses in Washington D.C. and 16 states, sent a letter on Friday to Senate Banking Committee Chair Sherrod Brown’s (D-OH), and Ranking Member Tim Scott’s (R-SC), about the necessity for reform.

The letter was sent one day after the cannabis lobbyist revealed that Brown had told him that there would be no vote next week. This means the bill will not move forward during the summer session. Senators will not reconvene until September after the end of August.

ATACH and state associations agree that the current status quo, which leaves many marijuana businesses unable to access banks and traditional financial services, is unsustainable, and that “public health and public safety consequences are dire.”

They wrote: “Many cannabis state-licensed cannabis retailers are forced by law to conduct all business in cash, and cannabis businesses are targeted for violent robbery.” The latter examples have become violent, with dispensary burglaries in Washington, Oregon Michigan and Oklahoma.

ATACH and the state organizations–representing businesses in Alabama, Alaska, Arizona, California, District of Columbia, Hawaii, Illinois, Maryland, Missouri, Mississippi, Montana, New York, Nevada, New Jersey, Ohio, Pennsylvania and Washington State–said that they “strongly support passage of the SAFE Banking Act without further delay.”

ATACH President Michael Bronstein stated in a release that, “as Congress continues its debate on the merits the SAFE Banking Act it fails to consider that every moment that passes, state-legal businesses and workers are suffering the real-world consequences of break ins, armed thefts, and violent confrontations which have led to deaths.”

The marijuana bill was on the list of legislative priorities of Senate Majority leader Chuck Schumer (DNY) for the summer session. Brown had stated in early June he would like to mark up the bill in the “next two or three” weeks, but those plans didn’t materialize.

There have been recent signs that Senators are at a temporary impasse on the bill. Brown has insisted that Sen. Steve Daines, the GOP sponsor of the measure, find additional Republican members to formally support the measure. Daines said Republicans are ready to act as the SAFE Banking Act was introduced.

Insiders say that the disagreement is over a section of the bill which concerns banking regulations. Some Democrats, like Sen. Jack Reed (D-RI), have pushed for Section 10 to be removed or altered. However, a senior GOP staffer said that this would not be a Republican priority.

Daines also warned against trying to expand the measure to include social justice reforms, which progressives would love to add. However, his office told Marijuana Moment that the senator was “open” to including expungements language as proposed by Schumer.

Schumer stated in a Dear Colleague Letter that was circulated this month that SAFE banking remains a legislative priorities. He also acknowledged that the task “will not easy” and that it will require GOP buy-in.

Sen. John Cornyn, R-TX, stated last week that that the majority leader’s agenda for the summer is too ambitious. He also expressed serious doubts about marijuana banking, among a list other legislative items identified by Schumer in the letter.

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Schumer also spoke to a cannabis industry leader last month who approached him during an unrelated event. According to the entrepreneur, Schumer is “confident” that the cannabis banking bill will pass.

, for his part, said last month he was a “yes”. He doubts the Democratic leadership’s ability to deliver on their promise.

In its current form, the measure protects banks, credit unions and depository institutions from being penalized for working with cannabis businesses licensed by state regulators.

Other people have suggested other changes they would like to see included in the cannabis bill, such as expanding protections for marijuana industry access all forms of financial service, including representative on major U.S. Stock Exchanges.

Other advocates have criticized the request, saying that it would be inappropriate to assist businesses at a time when efforts to legalize cannabis in Congress are stalled.

In May, a major cannabis lobbying company apologized for sending a letter to the Senate Banking Committee’s leadership regarding the Banking Bill . The letter contained “inappropriate references about investments from China as a “misguided” attempt to push for amendements expanding the legislation.

Jacky Rosen, a Nevada senator, said recently that the SAFE Banking Act should be passed with a amendment to allow cannabis businesses access to federal Small Business Administration services (SBA).

Schumer stated in April that he is “disappointed,” that the so-called SAFE Plus cannabis reform package did not advance last year. He added that “we were close, but we ran into opposition at the last minute.” He also said that lawmakers will “continue to work in a bipartisan manner” in order to accomplish the task.

In the first months of the new Congress, the majority leader has met with Democratic members and Republican members to discuss marijuana reform proposals which might be able to garner bipartisan support this year.

Sen. Cory Booker, D-NJ, said that lawmakers are trying to “resurrect the cannabis reform package. He acknowledged that the failure to progress a banking solution for the industry would “literally mean that hundreds of companies go out of business.”

Rep. Earl Blumenauer, D-OR, who is the lead sponsor of the House’s version of the SAFE Banking Act said that it was important for advocates and legislators to align on any incremental proposal to end the war on drugs, cautioning against an “all or nothing” mentality.

The American Bankers Association also recently reiterated its call for passage the legislation. All 50 state chapters of the ABA did the same. Insurance and union organizations also wrote to Congress.

also celebrated its 10-year anniversary last week, since the first version SAFE Banking Act was introduced.

Below, you can read the letter from the Cannabis Associations about SAFE Banking: