National Cannabis Roundtable Responds to Cannabis Regulator\’s Letter Urging Policy Action to Address Current Cannabis Banking Situation in States

WASHINGTON, D.C. — Today the Cannabis Regulators Association (CANNRA) – a nonpartisan, non-profit organization that convenes government officials involved in cannabis regulation across more than 40 states and territories – issued a letter illustrating the impacts that a lack of financial and banking services has had on cannabis businesses, those working with the cannabis industry, communities, and governmental agencies involved in regulating cannabis. In response, Executive Director of the National Cannabis Roundtable Saphira Galoob issued the following statement:

\”This letter from the non-partisan Cannabis Regulators Association echoes what people working in the cannabis industry have long known: 21st century businesses need access to banking services to be successful. As the letter points out, forcing cannabis businesses to operate in cash has made them targets for robberies and other violent crimes. Moreover, the lack of access to banking services makes the cannabis industry less transparent, which means the regulators tasked with overseeing the industry struggle to perform their jobs to their highest potential.\” said Saphira Galoob, Executive Director National Cannabis Roundtable \”This is precisely why we need the SAFE Banking Act, which would make it easier for cannabis-related companies to interact with financial institutions such as banks. I echo the concerns voiced by the Cannabis Regulators Association and urge the bipartisan conference to include the SAFE Banking Act in the final version of the COMPETES Act.\”

CANNRA\’s full letter can be found here.