In the first of what is anticipated to be multiple Congressional votes to address the federal prohibition and criminalization of marijuana, the House Financial Services Committee voted to advance The SAFE Banking Act, HR 1595, 45-15.
Currently, thousands of state-licensed and regulated businesses lack access to the banking industry and are unable to accept credit cards, deposit revenues, or write checks to meet payroll or pay taxes because federal law discourages financial institutions from engaging in such partnerships. This ongoing federal prohibition forces this newly emerging billion-dollar industry operates largely on a cash-only basis — an environment that makes businesses more susceptible to theft and more difficult to audit. It also places the safety and welfare of these business’ customers at risk, as they must carry significant amounts of cash on their persons in order to make legal purchases at retail facilities.
NORML Political Director Justin Strekal said:
“This is a positive step forward to address an untenable tension between state-legal cannabis marketplaces and federal marijuana prohibition. No industry can operate safely, transparently, or effectively without access to banks or other financial institutions. In order to best support the states that have had the good judgment to license and regulate businesses to produce, manufacture, or distribute cannabis, it is critical that Congress address the lack of basic banking services and amend