A group representing state legislators across the U.S. has urged Senate leaders to pass the bipartisan marijuana banking legislation to provide “much needed solution” to “unsafe and unsustainable” challenges the cannabis industry faces due to prohibition.
Tim Storey, CEO of the National Conference of State Legislatures, wrote to Senate Minority and Majority Leaders Mitch McConnell and Chuck Schumer on Monday. The letter expressed support for the revised Secure and Fair Enforcement Regulation Banking Act (SAFER), which was introduced formally last week and will be discussed by the Senate Banking Committee on Wednesday.
NCSL represents state and territory legislatures across the nation. It has been a long-time advocate for cannabis banking reform.
Storey wrote in a new letter that “the inability of legal cannabis business to receive financial services through the federal banking system creates a dangerous and untenable situation for these legal entities.” The SAFER Banking Act will provide vital banking resources for legitimate state businesses.
He said that the vast majority of States and Territories have “exercised [their] sovereign prerogatives in legalizing cannabis, and federal government must respect this valid state policy choice.”
For the full statement: https://t.co/aglivzmjze
NCSL (@NCSLorg September 25, 2020
The letter states that “the SAFER Banking Act” is a solution which has been long needed to reconcile the conflict between the state’s growing and legitimate cannabis industry, and their ability to comply federal cannabis laws.
Our current system is based on cash only cannabis transactions. This increases the risk that cannabis businesses will become prime targets of theft, burglary or armed robbery. These crimes can put the safety of business owners as well as the communities where they operate at risk. The bipartisan SAFER Banking Act creates a safe environment and allows financial institutions to offer banking services to state-authorized cannabis-related businesses.
NCSL’s policy on cannabis has evolved in recent years. The conference passed a directive in 2017 that called for cannabis to be de-scheduled. This letter, however, focuses on marijuana banks. This was updated in 2018 with to simply state that states should have the right to set their marijuana laws. It wasn’t until NCSL summit last year when they voted on expanding its position and calling for federal legalization.
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Last week, a group of 35 cannabis trade groups, drug policy reform organizations and a leading national union called on Congress “this year” to pass the SAFE Banking Act to address “the humanitarian toll” of robberies that target marijuana businesses.
In July, the American Trade Association for Cannabis and Hemp, along with other trade groups representing marijuana business in 16 states and Washington, D.C., sent a letter asking Brown and Banking Committee ranking member Tim Scott (R-SC), to approve the cannabis banking legislation “without further delay.”
The American Bankers Association also renewed its call to pass the legislation. All 50 state chapters of the ABA did the same. Insurance and union organizations also wrote to Congress.
Sherrod Brown, the chairman of the Senate Banking Committee (D-OH), said last week that will be passed “decisively”, out of his committee in this week as senators discuss potential tweaks on the path to its floor.
The chairman stated that he doesn’t expect “many” amendments when the bill reaches the floor. Schumer has promised to include changes related to state level cannabis expungements, and gun rights for medical marijuana patients. But Brown stated that “there will be sufficient agreement that we keep the bill together” and make minor amendments.
Last week, Steve Daines, the leading GOP sponsor, said that the provisions in the bill would help protect Montana’s energy and firearm companies from the “woke agenda” of the left. His office also stated that Daines is open to adding the expungement provisions Schumer has proposed.
Schumer sent out an email campaign on Tuesday, inviting supporters to join him in demanding that the federal governments legalize marijuana.
No marijuana legalization bills have been introduced on the Senate’s side so far in this session. Schumer did champion a comprehensive reform bill which ultimately failed to advance during the previous Congress.
Last week, House Democrats filed a to legalize cannabis and tax it. Its prospects are bleak, however, given that the GOP controls the chamber.
The post National Conference Of State Legislatures Urges Senate to Pass Marijuana Banking Act As A ‘Much Needed Solution’ For Industry Challenges first appeared on Marijuana Moment.
