According to the attorney general of Michigan, a string of burglaries at dispensaries of marijuana in Michigan has highlighted the need for Congress’s cannabis banking reform.
Dana Nessel, Attorney General (D), stated that 12 warrants were issued last year for those suspected of breaking into 20 marijuana stores. The charges include safe breaking, which can lead to a life sentence, and breaking and entering, which could carry a 10-year prison sentence.
The state’s top law enforcement officer stated that the alleged criminal activity was “an unfortunate example of why Congress should pass the Secure and Fair Enforcement(SAFE) Banking Act” as pressure mounts on Congress to reform cannabis banking.
. @MIAttyGen @dananessel issued warrants for 12 people responsible for more than 20 break-ins at marijuana dispensaries across the state. Read more
https://t.co/BSqN2EXNw2 pic.twitter.com/Q1Ri839QfX
— Michigan Attorney General Dana Nessel (@MIAttyGen March 23, 2023
She stated that the cannabis industry is a prime target for criminals without access to traditional banking. “Every legal business should have equal access to our banks institutions for their security and that of their employees.
The SAFE Banking Act supporters have long maintained that the policy change would be in the public safety interest. This would allow state-legal marijuana companies to access traditional financial services without having to use cash.
According to StoptheDrugWar.org, marijuana businesses in Washington State experienced an increase in burglaries and other robberies. Some of these were violent or even deadly. It shows that nearly 100 shops were affected in a span of five months.
Mike Pellicciotti , Washington State Treasurer, has raised this issue repeatedly and last year he discussed how the state could take steps to address the problem while Congress fails.
Patty Murray, the U.S. Senate President Pro Tempore (D-WA), has pushed for the passage of the SAFE Banking Act to ensure public safety.
Sherrod Brown, Chairman of the Senate Banking Committee (D-OH), stated Wednesday that lawmakers must act on marijuana banking legislation “this Year” and his Republican counterpart on that panel agreed that it would “come to a resolution likely in this Congress.”
Brown and Sen. Tim Scott (R.S.C.), the ranking member of the committee, spoke at the American Bankers Association Washington Summit. This was one day after the lead GOP sponsor for the SAFE Banking Act urged financial sector to press Congress.
Brown stated that he believes that the White House supports the legislation.
This is a noteworthy detail as White House Press Secretary Karine Jean-Pierre refused to discuss what President Joe Biden thought about the policy proposal at a January briefing, and stated that it was upto Congress.
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Patrick McHenry, Chairman of the House Financial Services Committee (Republican from North Carolina), also spoke on Wednesday at the ABA summit. While McHenry stressed that the SAFE Banking Act was not a priority on his agenda, he did acknowledge that some of his Republican colleagues such as Rep. Dave Joyce (R.OH) are working towards this goal.
McHenry stated that although he opposes the bank proposal, McHenry wouldn’t stand in its path.
A coalition of cannabis industry associations wrote Tuesday to the Senate Banking Committee leadership requesting swift action on bipartisan banking legislation. This legislation has passed the House multiple times before being blocked by the Senate.
The National Cannabis Roundtable, National Cannabis Industry Association and (NCIA), U.S. Cannabis Council and (USCC), Minority Cannabis Business Association and National Hispanic Cannabis Council (NHCC) were the key players in the letter to Brown & Scott.
These groups suggested that the committee “immediately schedule an hearing to discuss the lack access to banking and financial resources that is affecting the U.S. marijuana industry, and advance bipartisan legislation expeditiously in order to improve public safety as well as provide capital access for these businesses.”
After the Senate failed to pass the banking bill, advocates and stakeholders from the industry have lost patience with it.
Senator Majority Leader Chuck Schumer (D–NY) stated last week that he is still committed to moving legislation with SAFE Banking Sponsor Sen. Steve Daines, (R-MT), despite a divided Congress in which Republicans control the House.
Following last year’s election Sen. Cory Booker (D.NJ) stated that it could take “many years” for cannabis legislation to be passed if Democrats don’t get the job done during lame duck.
During a hearing of the Senate Finance Committee last week, Janet Yellen, Treasury Secretary, stated that regulators are separately exploring options to address the issue of cannabis banking.
Federal Health Official: Marijuana Scheduling Review Needs to Go Through “A Few Hoops”
The post Michigan AttorneyGeneral Pushes Congress to Pass Marijuana Banking Bill after Issuing Warrants for Dispensary Break-Ins originally appeared on Marijuana Moment.
