A Democratic Senator announced she has joined the bipartisan list of cosponsors for a marijuana banking reform, highlighting the need for this reform in light of the recent spate of robberies that targeted state-licensed cannabis business in her state.
Sen. Maria Cantwell, D-WA, signed on as cosponsor on Tuesday of the Secure and Fair Enforcement Regulation Banking Act (SAFER), becoming the 35th member to sign on to the bill in addition to the lead sponsor.
The senator stated that “Last Year, there were over 50 robbery attacks on marijuana dispensaries throughout Washington State.”
StoptheDrugWar.org’s report found that more than 100 Washington cannabis shops had been affected in less than five month period in 2021.
Cantwell stated that the bill would update federal banking laws to allow dispensaries in our state to not have all of their business done in cash.
The senator also pushed previously for marijuana businesses to have access to federal Small Business Administration loans and services as well as a removal of the Internal Revenue Service code 280E which prevents cannabis business from being able take standard federal tax deductions.
Researchers from the Congressional also acknowledged recently in a Congressional report that state-legal marijuana businesses are “heavily reliant” on cash transactions and therefore a “target for theft.”
The Senate Banking Committee approved the SAFER Banking Act in September to address this issue, but it is still awaiting action by the full Senate. The House has passed earlier versions in various forms at least seven different times during recent sessions.
Senate Majority leader Chuck Schumer (DNY) stated in late December, that legislators will “hit the floor running” in 2020, with a goal to build upon bipartisan progress in several key areas, including marijuana banking reform, though he acknowledged it “won’t be easy”.
It’s likely that the SAFER Banking Act will be amended if it makes it to the Senate floor in this year. Schumer, for example, has talked about the “moral obligation” to further amend it and add provisions on state legal cannabis expungements as well as gun rights for cannabis users.
A key legislator involved in the negotiations on cannabis legislation has recently indicated that they are nearing a deal. Last year, members of the group splintered over Section 10, which deals with general banking regulations and is not specific to the marijuana business.
He said he remains “hopeful” that there is enough time and momentum to enact the measure this year. He expressed “hope” that the momentum and time will allow for this measure to be implemented in 2018.
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Photo by Mike Latimer.
The post Another Senate Signs Marijuana Bank Bill, Saying That It Will ‘Take the Target Off Of The Backs’ of Dispensaries Facing Crime first appeared on Marijuana Minute.
