Nearly two-thirds of U.S. voters support legislation that would allow the banking industry to provide financial services to legal cannabis businesses, according to recent poll results. In a study commissioned by the Independent Community Bankers of America (ICBA), a majority believed that giving cannabis companies access to financial services would reduce the risk of robbery and other crime in their marijuana businesses. I also know what you are thinking.
65% of U.S. voters support allowing cannabis companies access to banking services in states that have legalized marijuana, according to a poll conducted by Morning Consult on behalf of ICBA I understand. ICBA said poll results show broad bipartisan support for the Safe and Fair Enforcement (SAFE) Banking Act, a federal bill that would allow cannabis businesses access to financial services. The bill has passed seven times in the US House of Representatives, but failed to gain approval from the Senate.
“U.S. voters have made it clear that current laws banning cannabis-related businesses from accessing the banking system are having a negative impact on their communities,” said ICBA President and CEO Rebeca Romero Rainey. I’m here. said in a statement from the industry association“With the overwhelming majority of U.S. voters voicing support for allowing cannabis-related businesses to access the banking system, the Senate has been skeptical about the bipartisan Cannabis Banking Act, which the House has passed seven times. We must act now.”
The SAFE Banking Act authorizes banks and other financial institutions to provide traditional business banking services to the legal cannabis industry. Under current regulations, the provision of banking services such as loans, payroll, checking and savings accounts is heavily regulated by the federal government, and as a result, few financial institutions agree to work with marijuana businesses. Critics say current policies force cannabis businesses to operate primarily on cash, leaving businesses vulnerable to robbery and other crimes.
The SAFE Banking Act was first introduced in Congress in 2013 by Colorado Democratic Rep. Ed Perlmutter. Since then, the House has passed this bill either as a stand-alone bill or attached to other bills he has passed seven times. Most recently, it was passed as an addition to China’s competition bill, which was later removed from the bill. However, each time the cannabis banking bill or its provisions were approved by the House, the bill failed to gain approval by the Senate.
Voters believe cannabis banking bill will reduce crime risk
An ICBA poll also found that 71% of voters believe that allowing legal marijuana companies access to the banking system would reduce the risk of robberies and assaults at cannabis-related businesses. rice field. Access to public safety. A majority (55%) believe that having cannabis-related businesses owned and led by people of color, women and the LGBTQ community will help make the cannabis industry more equitable by providing financial services to cannabis companies. says.
Sahar Inesajian, a partner in the Los Angeles office of cannabis law firm Vicente Cederberg and co-chair of the firm’s Banking and Access to Financial Services Group, said public support for the Cannabis Banking Act was a major factor in how the issue was addressed. Agreed to suggest it is an important public safety issue for voters. .
“It is encouraging that 71% of voters support allowing banks access to cannabis businesses. This is not only a business issue, but a serious public safety issue. We are approaching 10 years since the enactment of the 64th Amendment, which ushered in the current model of the domestic cannabis industry,” Ayinehsazian said in an email. high times“Over the last decade, the cannabis business has proven to be a beacon of compliance and a safe and important cornerstone of communities and economies.”
“Therefore, continuing to provide hurdles to access to banks will harm the entire community,” she added. “Such broad bipartisan public support reflects the positive impact the cannabis industry has had nationwide and should motivate the Senate to pursue cannabis banking.”