NATIONAL CANNABIS ROUNDTABLE STATEMENT ON SAFE BANKING
Washington, D.C. – Today, National Cannabis Roundtable (NCR) Executive Director Saphira Galoob released the following statement on the news that the 117th Congress will not advance legislation to provide the state-legal cannabis industry and dependent businesses access to financial institutions and services afforded to all other domestic industries before adjourning at the end of the year.
“With 37 states having medical cannabis programs and 21 states legalizing adult use, the need for congressional action to support the industry and public safety could not be more clear. We are extremely disappointed to see this Congress coming to a close without passing this much-needed, bipartisan bill into law when the support is clearly there to get this done. This is a policy that is supported by a majority of Americans and passed seven times with bipartisan support in the U.S. House of Representatives, and seeing how close it got to passing in these final weeks, we know that given a vote in the next Congress where there will be even more allies for cannabis reform in the Senate, it will become law.
“Without SAFE, the security of cannabis businesses, employees, patients, and is at risk by being forced to operate in a cash-heavy manner. Without equal access to traditional banking services afforded all other domestic industries, communities and entrepreneurs will miss out on this massive economic opportunity presented by the state-legal. Without SAFE the critically important state equity programs established or being launched will not be able to succeed. All these reasons are why it must – and will – pass when given the opportunity for a vote in both chambers.
“We thank those members of Congress and their dedicated staff who were champions on this issue and got so close to getting this done before the end of the year, and we look forward to continuing to fight right alongside them to see this long-overdue, bipartisan cannabis reform taken up expeditiously in the 118th Congress. The next Congress must also take action to end the harms of drug prohibition through criminal justice reform and to provide domestic, regulated cannabis companies the same ability to list on the U.S. senior exchanges that foreign cannabis companies are already afforded, which is critical for small, minority, veteran, and women-owned businesses to have fair valuations when seeking financing options without having to sacrifice exorbitant amounts of equity in their companies.
“NCR remains committed to moving forward federal cannabis reforms that expand opportunities for an equitable cannabis industry, right past wrongs caused by prohibition, and protect consumer and patient access. We look forward to continuing to work towards this end in the 118th Congress and as the Biden Administration continues to review federal cannabis regulations.”
The National Cannabis Roundtable is an alliance of cannabis companies, as well as ancillary services and solutions providers, who seek cannabis reform that nurtures the nascent domestic industry, protects consumers, and advances social equity.
Erin Moffet, Erin@TheLiaisonGroup.com, (276) 698-4856