Statement on the Passage of HR 1996 – SAFE Banking Act

April 20th – or 4/20 as it is known in the cannabis community – is practically a national holiday for cannabis
advocates. For us, it is a day to note the progress of cannabis reform in America and 4/20/21 promises to be a
benchmark year in which cannabis reform takes permanent hold in Washington.
For the first time ever, there is support for cannabis reform at the highest levels of Congress and the
administration. Both the Speaker of the House and the Senate Majority Leader publicly champion reform. Key
administration officials have been advocates for legalization. And, in an era of scant bipartisan agreement, GOP
leaders have expressed support – or voted for – pro-cannabis legislation, including the GOP House Minority
leader and key Republican Senators. Their support for reform is echoed by a majority of American voters,
regardless of party.

This evening, not 100 days into the new administration, the House passed HR 1996 – the Secure and Fair
Enforcement (SAFE) Banking Act – by a wide bipartisan majority. As most already know, SAFE would offer
access to checking accounts, lines of credit and other traditional services available to every other legally
operating business in America. It would also ensure greater safety for the communities in which cannabis
businesses currently operate (principally in cash) where they are targets for often violent criminal activity.

SAFE Banking is a critical to overall reform; a big piece of a much larger federal reform puzzle. The
formula for reform that is emerging and will almost certainly be predicated on federal de-scheduling,
decriminalization, reinvestment in communities harmed by years of failed drug policy and a regulatory
framework that protects the integrity of state programs.

Read NCR\’s full statement here.