ICYMI: Bankers, Insurers and Businesses with Cannabis Interests Urge Swift Action on Banking Legislation

NCR Joins Holland and Knight to Organize Effort to Pass SAFE Banking Act

WASHINGTON – As part of an effort led by the National Cannabis Roundtable and Holland & Knight, “bankers, insurers and other industries that do business with cannabis companies” met this week with Chairman Mike Crapo’s staff to discuss cannabis banking legislation, according to a recent report in Politico.  Fourteen organizations also signed a letter  urging Chairman Crapo “to not further delay the Committee’s consideration of SAFE Banking Act or similar measures.”

“A safe harbor will enable law enforcement and states to effectively monitor and regulate businesses while simultaneously bringing billions into the regulated banking sector,” read the letter from more than a dozen industry and advocacy groups, including the American Bankers Association, the Council of Insurance Agents and Brokers and the National Conference of State Legislatures.

“This demonstrates that cannabis banking reform is at the top of the agenda for groups that are outside of the cannabis industry, and the broad support for the SAFE Banking Act,” said Saphira Galoob, Executive Director of NCR.

The National Cannabis Roundtable recently released a policy memo and letter to Chairman Crapo in response to his request for feedback from the cannabis industry regarding the SAFE Banking Act.

“As the cannabis industry continues to mature it is going to touch more businesses, and the SAFE Banking Act will solve some of the fundamental problems associated with the rapidly growing cannabis economy,” said Taite McDonald, Partner at Holland and Knight.


The National Cannabis Roundtable promotes common sense federal regulation, tax equality and financial services reform and supports changing federal law to acknowledge states’ rights to regulate and manage cannabis policy.  The membership of NCR represents every aspect of the cannabis supply chain. Our members operate in 23 states with legal cannabis programs, including the District of Columbia. We are growers, processors, retailers, wellness centers, investors, entrepreneurs, and publicly traded companies.  Learn more at www.nationalcannabisroundtable.org