New Analysis of SAFE Banking Act Asks for 10 Amendments to Improve Equity

New Analysis of SAFE Banking Act Asks for 10 Amendments to Improve Equity

A paper written by the Cannabis Regulators of Color Coalition (CRCC) states that Ohio State University Moritz College of Law The paper, entitled “Not a Safe Bet: Equitable Access to Cannabis Banks, Analysis of the SAFE Banking Act,” analyzes the Safe and Fair Enforcement Banking Act (SAFE) and makes numerous recommendations for improvement. contains

Author Kat Packer, Charlene Title, Rafi Aliya Crockett, and Dasheeda Dawson say the SAFE Banking Act is not sufficient in its current form. “Unfortunately, however, SAFE is unlikely to provide equitable access to financial services as written,” they wrote in the study. Overview“This paper summarizes the bill, analyzes why it fails to achieve its intended goals, and makes recommendations for improving the bill.”

“SAFE only addresses the legal and regulatory consequences that financial institutions may face for serving the cannabis industry,” the authors write to them. executive summary“Without additional legislative change to directly address challenges related to fair and equitable access to financial services, small and minority-owned cannabis businesses currently have inadequate access to banking services and loans. may continue to be completely denied the breadth and depth of service they offer to others.”

The authors have compiled 10 recommendations to help improve future reforms of cannabis banks (check out the full description of each recommendation) here.) In summary, these recommendations cover a complete collection of improvement topics, including redirection of Internal Revenue Service Code 280E funds, expanding antidiscrimination requirements, and identifying best practices for federal banking regulators. increase.

The authors concluded that while there are gaps in cannabis policy, now is the time to address these concerns. combined with an increase in states allowing cannabis activities in the United States, has resulted in an ever-widening policy gap between federal and state cannabis laws.” the author said“However, the widely accepted medical uses of cannabis, the existing state and local efforts to approve, license, and regulate cannabis for medical and adult use, and the overwhelming response from the American public to legalizing cannabis. With partisan support, many believe it no longer matters “if” or “when” this gap is addressed, but “how”. ”

Ultimately, the CRCC authors will not endorse the SAFE Banking Act in its current form unless these topics are discussed. “Therefore, regardless of whether Congress decides to pass cannabis banking reform as part of a more comprehensive cannabis policy reform or as a separate issue, Congress will ensure that all legislation relating to cannabis banking reform is The SAFE Banking Act should be amended to include clear provisions that seek to ensure fairness and equitable access to financial services for all in the cannabis industry. Until such a provision is included, it should not be considered a safe bet in achieving cannabis bank fairness.”

The release of this paper, along with these 10 recommendations, follows Senate Majority Leader Chuck Schumer, Senate Finance Committee Chairman Ron Wyden, and Senator Cory Booker to introduce the Cannabis Control and Opportunity Act in July. Arrived almost a month after. The report predicts that the possible release of a bill called “SAFE Banking Plus” could lead to compromises.

On Wednesday, August 17, the CRCC Cannabis Regulation Details This analysis should be discussed with all four authors’ contributors and with Maritza Perez, Federal Secretary General of the Drug Policy Alliance, who moderates the conference. The event will take place on her Zoom at 12pm ET.

With two decades of dedicated experience, Nuggs is a seasoned cannabis writer and grower. His journey has been a harmonious blend of nurturing cannabis from seed to harvest and crafting insightful content. A true expert, they've honed strain-specific knowledge, cultivation techniques, and industry insights. His passion shines through enlightening articles and thriving gardens, making them a respected figure in both the growing and writing facets of the cannabis world.

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