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Bipartisan lawmakers reintroduce Safe Banking Act for cannabis businesses
The Fly

Bipartisan lawmakers reintroduce Safe Banking Act for cannabis businesses

Oregon’s U.S. Senator Jeff Merkley along with Montana’s U.S. Senator Steve Daines and U.S. Representatives Dave Joyce and Earl Blumenauer introduced the bipartisan, bicameral Secure and Fair Enforcement, SAFE Banking Act of 2023 . This bill would ensure that legal cannabis businesses would have access to critical banking and financial services. Most state legal medicinal or recreational cannabis businesses are denied access to traditional and secure banking systems and financial services because banks fear they may be prosecuted under federal law given the ongoing federal restrictions on cannabis. Due to the lack of access to financial services, state legal cannabis businesses are forced to operate their businesses solely using cash. This reality doesn’t just open the door to potential tax evasion, but increases the potential of criminal activity."Forcing legal businesses to operate in all-cash is dangerous for our communities; it’s an open invitation to robbery, money laundering, and organized crime-and it’s way past time to fix it," said Senator Merkley. "For the first time, we have a path for SAFE Banking to move through the Senate Banking Committee and get a vote on the floor of the Senate. Let’s make 2023 the year that we get this bill signed into law so we can ensure that all legal cannabis businesses have access to the financial services they need to help keep their employees, their businesses, and their communities safe." Publicly traded companies in the space include Aurora Cannabis (ACB), CV Sciences (CVSI), CannTrust Holdings (CNTTF), Canopy Growth (CGC), Cronos Group (CRON), Goodness Growth (GDNSF), Green Thumb Industries (GTBIF), India Globalization Capital (IGC), Tilray (TLRY), Trees Corporation (CANN), Trulieve Cannabis (TCNNF), Zynerba (ZYNE) and Charlotte’s Web (CWBHF). Reference Link

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