Washington, DC – The US House of Representatives today passed the Secure and Fair Enforcement Banking Act (SAFE Banking Act). The SAFE Banking Act would prevent regulators from taking action against banks or credit unions that serve state-legal cannabis businesses.
“The SAFE Banking Act will make our communities safer, allow state and local governments to collect taxes more efficiently and transparently, and increase access to capital for small businesses,” said former Speaker of the House John Boehner (R-OH), NCR’s Honorary Chairman. “Today’s vote is a signal that Washington is beginning to catch up with the states and the fastest growing industry in our country.”
“SAFE is commonsense reform that helps everybody. Whether you are a legal cannabis company struggling to pay taxes in cash or you are an ordinary small business in a legal cannabis community, you need banking and financial services,” said Kevin Murphy, Chairman of NCR. “SAFE will make a strong contribution to the economy and make our communities more secure.”
“Increasing access to banking services for cannabis businesses will lead to investments in medicines, community reinvestment and programs that benefit patients,” said Chanda Macias, MBA, Ph.D., First Vice Chair of NCR and Owner of National Holistic Healing Center (NHHC).
The SAFE Banking Act promotes safety, transparency and the certainty needed for the fastest growing sector of the US economy to prosper. NCR supports the SAFE Banking Act along with reforms that acknowledge states’ rights to regulate and manage their own cannabis policies. Read more here.
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