Federal: State-legal cannabis businesses still denied banking access

Feb 11, 2022

America Competes Act, banking access, banking reform, cannabis businesses, cannabis industry, cannabis legalization, Congress, consumers, Federal, federal policy, patients, SAFE Banking Act, safety, social equity, U.S. House of Representatives, U.S. Senate

Urge your U.S. Senators and member of Congress to keep SAFE Banking in the final version of the America COMPETES Act!

Late last week, the U.S. House of Representatives passed provisions of the SAFE Banking Act as part of the America COMPETES Act, marking the sixth time cannabis banking legislation has been approved by the chamber.

Because the Senate already passed its own version of the COMPETES Act without cannabis banking language included, there will be negotiations to decide the fate of the banking provisions in the large-scale legislation.

Please take a moment to urge Congress to keep SAFE Banking in the final version of the COMPETES Act.

Lack of access to banking is a serious barrier for state-legal cannabis businesses across the country. It keeps prices high for patients and consumers, hinders social equity efforts, and, due to the cash-only manner of operations, creates risks for workers and communities.

Eighteen states, and the District of Columbia, have now legalized adult-use cannabis, and more states are going to be moving forward with similar legislation. How long will federal lawmakers ignore this issue?

Ask Congress to support retaining basic banking protections for state-licensed cannabis businesses in the COMPETES Act.

The federal government’s failure to pass meaningful banking reform harms the entire cannabis industry, but it disproportionately hurts small-business entrepreneurs, many of which are social equity- and minority-owned companies. Passing cannabis banking reform is a key step toward dismantling federal cannabis prohibition. Please let your federal lawmakers know you want to see SAFE Banking in the COMPETES Act.