Lack of access to the nation’s financial system has been an ongoing issue for the cannabis industry for many years. The issue is not as big as it once was, and friendly credit unions have been helping fill the void, however, cannabis banking reform is still greatly needed.
The emerging cannabis industry will never reach its full potential if comprehensive banking reform at the federal level remains elusive. Cannabis advocates were hopeful that banking reform would have been passed by Congress by now, but unfortunately, it hasn’t happened yet.
The CEO of the American Bankers Association (ABA) provided new hope for banking reform recently when he made a significant prediction during an interview about the Secure and Fair Enforcement (SAFE) Banking Act, as reported by Marijuana Moment:
“This is legislation that already passed in the House Financial Services Committee early in this calendar year by a huge bipartisan margin, and this is something that I predict…as early as September—probably no later than than October—will pass the full House of Representatives by a bipartisan majority, which is exciting,” he said.
It is somewhat puzzling that the House of Representatives has thus far failed to pass this sensible measure. The cannabis industry is a multi-billion dollar industry and requiring it to be largely based on a cash-only model creates logistical nightmares for cannabis companies and potential public safety issues for society.
SAFE Banking Act has strong bipartisan support, so hopefully the House passes it soon and the Senate does the same quickly thereafter. Large piles of cash are an obvious target for robbers and thieves.
Anyone in the area of a robbery attempt has their personal safety involuntarily put at risk, and because of that banking reform for the cannabis industry is something that everyone should support, regardless of if they are in the cannabis industry or not.
Many cannabis consumers and cannabis companies would prefer to make cash-less transactions rather than all-cash transactions. A banking system is already in place. It shouldn’t be this difficult and Congress needs to get it in gear.
We will be discussing cannabis banking reform and a number of other important topics at our upcoming event in Vancouver, British Columbia September 15-16. A limited number of tickets are still available. Grab yours before they run out!
About the International Cannabis Business Conference
International Cannabis Business Conference events are the premier cannabis events for entrepreneurs across the globe. With events in Canada, the United States, Switzerland, Spain, and Germany the International Cannabis Business Conference is where the world meets cannabis. Find out more at InternationalCBC.com and on Twitter, Facebook, and Instagram.