COURTNEY STAMM

HR 1595/S. 1200: Safe Banking Act This bill ensures that lawful and regulated cannabis businesses have access to banking and capital markets, while ensuring that safe and sound financial standards and procedures remain intact for the financial institutions interested in offering services to the cannabis marketplace.

Legal cannabis has been the fastest growing industry in the U.S. for the past four years, employing 243,700 Americans, making the legal cannabis industry one of Americas greatest job creators. With access to financial services (through the SAFE Banking Act or H.R. 1595/S.1200) and capital markets, legal cannabis would add $20 billion in tax revenue, create 788,000 new jobs, and $81 billion in loan opportunity in U.S. Banks.

CCIA encourages Congress to pass the SAFE Banking Act which has passed out of the House on two occasions - the first as standalone bill (H.R. 1595) and the second as part of the Heroes Act (H.R. 6800). While the challenges of COVID-19 amplified the need for access to financial services by cannabis businesses, recent targeting of cannabis businesses by criminals taking advantage of civil protests has made that need even more acute. Criminals know that cannabis businesses are easy targets because they do not have bank accounts and, therefore, have significant amounts of cash on hand. And while an act of vandalism is distressing to any business, cannabis businesses are faced with unique challenges due to their lack of access to traditional financial services. Among other considerations, obtaining property & casualty insurance for damage and loss is extremely difficult for cannabis businesses due to the lack of financial services. Additionally, while other businesses can pay their taxes electronically, and may have commercial insurance coverage to help recover losses for vandalism, state legal cannabis businesses are subject to hundreds of thousands, if not millions, of dollars in unrecoverable losses. The SAFE Banking Act would provide the same banking services for state-legal cannabis businesses which are enjoyed by every other legally operating business in the United States. CCIA strongly endorses the bill's passage as a matter of critical urgency for the California businesses it represents.

H.R. 1595/S.1200 - Secure and Fair Enforcement (SAFE) Banking Act Access to banking and other traditional financial services is a critical issue facing the cannabis industry. Lack of access to those services is both a threat to public safety and a barrier to operational efficiency for cannabis businesses. The SAFE Banking Act would address these key business challenges - as well as the safety of the communities in which these businesses operate - while also ensuring the integrity of the financial system.

H.R. 1595/S. 1200 - the Secure and Fair Enforcement (SAFE) Banking Act The cannabis industry represents the fastest growing sector of the U.S. economy and can play a critical role in generating more jobs for more Americans if it has access to the same banking services enjoyed by non-cannabis businesses. Among other considerations, the lack of access to banking services for cannabis companies is leading to more violent crimes of opportunity, as well as to the transmission of contaminated cash during the COVID-19 crisis. As shelter-in-place orders went into effect, most cannabis businesses were deemed essential, but were not able to implement the same electronic, socially distanced payment methods as their non-cannabis peers because they do not have traditional financial services. Access to banking would also enable the government to bank, track and tax cannabis sales which would, in turn, provide law enforcement officials with tools to prevent money laundering.

H.R. 1595/S. 1200 - the Secure and Fair Enforcement (SAFE) Banking Act The cannabis industry represents the fastest growing sector of the U.S. economy and can play a critical role in generating more jobs for more Americans if it has access to the same banking services enjoyed by non-cannabis businesses. Among other considerations, the lack of access to banking services for cannabis companies is leading to more violent crimes of opportunity, as well as to the transmission of contaminated cash during the COVID-19 crisis. As shelter-in-place orders went into effect, most cannabis businesses were deemed essential, but were not able to implement the same electronic, socially distanced payment methods as their non-cannabis peers because they do not have traditional financial services. Access to banking would also enable the government to bank, track and tax cannabis sales which would, in turn, provide law enforcement officials with tools to prevent money laundering.

H.R. 1595/S. 1200 - the Secure and Fair Enforcement (SAFE) Banking Act The cannabis industry represents the fastest growing sector of the U.S. economy and can play a critical role in generating more jobs for more Americans if it has access to the same banking services enjoyed by non-cannabis businesses. Among other considerations, the lack of access to banking services for cannabis companies is leading to more violent crimes of opportunity, as well as to the transmission of contaminated cash during the COVID-19 crisis. As shelter-in-place orders went into effect, most cannabis businesses were deemed essential, but were not able to implement the same electronic, socially distanced payment methods as their non-cannabis peers because they do not have traditional financial services. Access to banking would also enable the government to bank, track and tax cannabis sales which would, in turn, provide law enforcement officials with tools to prevent money laundering.

For the safety of our employees and our communities, CCIA has worked to ensure the SAFE Banking Act remains part of COVID relief and becomes law. The SAFE Banking passed out of the House on two occasions. The first was standalone bill H.R. 1595 and the second as part of the Heroes Act (H.R. 6800), however this bill is yet to be passed by the Senate and signed into law. ​ CCIA wants to make sure that this important piece of legislation is part of a final, negotiated COVID package​. We need SAFE Banking to ensure that BIPOC (Black, Indigenous, People of Color) owned businesses, especially those owned by women, have equitable access to funding. Most notably, BIPOC owners who have been most adversely impacted by the pandemic compared to their white counterparts. Below are just some reasons among many that stress the importance of this relief. â--� Los Angeles social equity program, one of the few in the state, was designed to promote equitable ownership in the cannabis industry, but this program has had considerable challenges due to an imbalance of wealth. Although it was intended that Social Equity applicants have the opportunity to be first to market, a group of said applicants were forced to file a lawsuit to achieve fairness in a flawed process, which has now been settled. This is just the first step in an attempt to achieve equity. The majority of Social Equity applicants have not been able to afford the delayed process, nor the start-up costs associated with launching a cannabis business. â--� BIPOC operators lack access to the capital​ ​that is essential​ ​to start cannabis businesses, so establishing loan programs would help with this burden. However, even if the SBA were to set up a loan program, this could not be effectuated without access to banks. â--� Unfortunately, in the states that have equity programs written into their cannabis statutes, BIPOC owners fall prey to predatory business arrangements in which larger cannabis companies will be effectively running the businesses through a management services agreement while the BIPOC owner becomes a figurehead. â--� Women and BIPOC face significant barriers to accessing investment dollars.​ ​Every year women of color get less than 1% of total venture capital funding​. Further, data from 2019 indicates that only 200 Latinx and Black individuals nationwide were able to raise over $1 million in venture capital. This number is for all industries, not just cannabis. â--� The bill is unquestionably part of a holistic approach to ending the War on Drugs, and its devastating effects on communities of color. The longer that BIPOC entrepreneurs have to wait to enter this industry, the greater disadvantage they are at because of larger companies ability to build their brands and customer loyalty. â--� SAFE Banking reduces cash motivated crimes. Cannabis businesses and employees are routinely targeted, robbed and sometimes attacked because of the large amounts of cash that they are forced to deal with. â--� Lastly, SAFE Banking as included in the Heroes Act (H.R 6800) calls for two diversity studies for the cannabis industry. While these studies will largely tell us what we currently know (that non-white representation in the industry is disproportionately low), this will create an important baseline for future conversations around legalization and ensuring the industry is equitable. We cannot hope to repair our communities through reinvestment without the appropriate tools, including SAFE Banking. The events of recent months have shown us that this bill is more important than ever. We urge its swift passage to help our economy and our communities.

For the safety of our employees and our communities, CCIA has worked to ensure the SAFE Banking Act remains part of COVID relief and becomes law. The SAFE Banking passed out of the House on two occasions. The first was standalone bill H.R. 1595 and the second as part of the Heroes Act (H.R. 6800), however this bill is yet to be passed by the Senate and signed into law. ​ CCIA wants to make sure that this important piece of legislation is part of a final, negotiated COVID package​. We need SAFE Banking to ensure that BIPOC (Black, Indigenous, People of Color) owned businesses, especially those owned by women, have equitable access to funding. Most notably, BIPOC owners who have been most adversely impacted by the pandemic compared to their white counterparts. Below are just some reasons among many that stress the importance of this relief. â--� Los Angeles social equity program, one of the few in the state, was designed to promote equitable ownership in the cannabis industry, but this program has had considerable challenges due to an imbalance of wealth. Although it was intended that Social Equity applicants have the opportunity to be first to market, a group of said applicants were forced to file a lawsuit to achieve fairness in a flawed process, which has now been settled. This is just the first step in an attempt to achieve equity. The majority of Social Equity applicants have not been able to afford the delayed process, nor the start-up costs associated with launching a cannabis business. â--� BIPOC operators lack access to the capital​ ​that is essential​ ​to start cannabis businesses, so establishing loan programs would help with this burden. However, even if the SBA were to set up a loan program, this could not be effectuated without access to banks. â--� Unfortunately, in the states that have equity programs written into their cannabis statutes, BIPOC owners fall prey to predatory business arrangements in which larger cannabis companies will be effectively running the businesses through a management services agreement while the BIPOC owner becomes a figurehead. â--� Women and BIPOC face significant barriers to accessing investment dollars.​ ​Every year women of color get less than 1% of total venture capital funding​. Further, data from 2019 indicates that only 200 Latinx and Black individuals nationwide were able to raise over $1 million in venture capital. This number is for all industries, not just cannabis. â--� The bill is unquestionably part of a holistic approach to ending the War on Drugs, and its devastating effects on communities of color. The longer that BIPOC entrepreneurs have to wait to enter this industry, the greater disadvantage they are at because of larger companies ability to build their brands and customer loyalty. â--� SAFE Banking reduces cash motivated crimes. Cannabis businesses and employees are routinely targeted, robbed and sometimes attacked because of the large amounts of cash that they are forced to deal with. â--� Lastly, SAFE Banking as included in the Heroes Act (H.R 6800) calls for two diversity studies for the cannabis industry. While these studies will largely tell us what we currently know (that non-white representation in the industry is disproportionately low), this will create an important baseline for future conversations around legalization and ensuring the industry is equitable. We cannot hope to repair our communities through reinvestment without the appropriate tools, including SAFE Banking. The events of recent months have shown us that this bill is more important than ever. We urge its swift passage to help our economy and our communities.

Legal cannabis has been the fastest growing industry in the U.S. for the past four years, employing 243,700 Americans, making the legal cannabis industry one of Americas greatest job creators. With access to financial services (through the SAFE Banking Act or H.R. 1595/S.1200) and capital markets, legal cannabis would add $20 billion in tax revenue, create 788,000 new jobs, and $81 billion in loan opportunity in U.S. Banks.

H.R. 1595/S.1200 - Secure and Fair Enforcement (SAFE) Banking Act and H.R. 6800 (the Heroes Act) the latter of which included requisite language from SAFE Banking. Access to banking and other traditional financial services is a critical issue facing the cannabis industry. Lack of access to those services is both a threat to public safety and a barrier to operational efficiency for cannabis businesses. The SAFE Banking Act would address these key business challenges - as well as the safety of the communities in which these businesses operate - while also ensuring the integrity of the financial system.

HR 1595/S. 1200 SAFE Banking Act We support the Secure and Fair Enforcement (SAFE) Banking Act, which would ensure that lawful and regulated cannabis businesses have access to banking and capital markets, while ensuring that safe and sound financial standards and procedures remain in place for the financial institutions interested in offering services to this marketplace. We urge Congress to provide states with the means to bank, track and tax this inevitable and significant economy.

Legal cannabis has been the fastest growing industry in the U.S. for the past four years, employing 243,700 Americans, making the legal cannabis industry one of Americas greatest job creators. With access to financial services (through the SAFE Banking Act or H.R. 1595/S.1200) and capital markets, legal cannabis would add $20 billion in tax revenue, create 788,000 new jobs, and $81 billion in loan opportunity in U.S. Banks.

H.R. 1595/S.1200 - Secure and Fair Enforcement (SAFE) Banking Act Access to banking and other traditional financial services is a critical issue facing the cannabis industry. Lack of access to those services is both a threat to public safety and a barrier to operational efficiency for cannabis businesses. The SAFE Banking Act would address these key business challenges - as well as the safety of the communities in which these businesses operate - while also ensuring the integrity of the financial system.

HR 1595: SAFE Banking Act The ability to use US financial institutions for banking is essential to ensure the safety of the cannabis industry and cannabis consumers. Without access to banking, companies are forced to maintain large amounts of cash on hand, pay employees and vendors in cash, and use cash to pay taxes. All of this creates an untenable situation where the safety of consumers, employees and companies is at risk.

HR 1595/S. 1200 SAFE Banking Act We support the Secure and Fair Enforcement (SAFE) Banking Act, which would ensure that lawful and regulated cannabis businesses have access to banking and capital markets, while ensuring that safe and sound financial standards and procedures remain in place for the financial institutions interested in offering services to this marketplace. We urge Congress to provide states with the means to bank, track and tax this inevitable and significant economy.

H.R. 1595/S. 1200 - the Secure and Fair Enforcement (SAFE) Banking Act The cannabis industry represents the fastest growing sector of the U.S. economy and can play a critical role in generating more jobs for more Americans if it has access to the same banking services enjoyed by non-cannabis businesses. Among other considerations, the lack of access to banking services for cannabis companies is leading to more violent crimes of opportunity, as well as to the transmission of contaminated cash during the COVID-19 crisis. As shelter-in-place orders went into effect, most cannabis businesses were deemed essential, but were not able to implement the same electronic, socially distanced payment methods as their non-cannabis peers because they do not have traditional financial services. Access to banking would also enable the government to bank, track and tax cannabis sales which would, in turn, provide law enforcement officials with tools to prevent money laundering.

Legal cannabis has been the fastest growing industry in the U.S. for the past four years, employing 243,700 Americans, making the legal cannabis industry one of Americas greatest job creators. With access to financial services (through the SAFE Banking Act or H.R. 1595/S.1200) and capital markets, legal cannabis would add $20 billion in tax revenue, create 788,000 new jobs, and $81 billion in loan opportunity in U.S. Banks.

HR 1595/S. 1200: Safe Banking Act This bill ensures that lawful and regulated cannabis businesses have access to banking and capital markets, while ensuring that safe and sound financial standards and procedures remain intact for the financial institutions interested in offering services to the cannabis marketplace.

The Marijuana Opportunity and Reinvestment Act (MORE Act, H.R. 3884). Since the passage of the Controlled Substances Act 50 years ago, Congress has never addressed the scheduling of cannabis. For far too long, cannabis has been inappropriately classified creating criminal penalties for consumers and businesses alike. The MORE Act, among other areas, would remove cannabis from the Controlled Substances Act, federally decriminalizing the substance. Under the MORE Act, California would still be able to make decisions about its cannabis marketplace, but our businesses would no longer be subject to federal barriers like access to banking or tax payments under 280E. More importantly, cannabis offenses would no longer exist at the federal level, opening the door for countless individuals to expunge and clear their criminal records. The MORE Act also establishes an equity grant fund for state level efforts to end the War on Drugs.

The Marijuana Opportunity Reinvestment and Expungement (MORE) Act (H.R. 3884) would remove cannabis from the schedule of controlled substances. The bill also includes provisions to redress the disproportionate harm of the failed War on Drugs on communities of color. The National Cannabis Roundtable seeks to promote social justice, equity and diversity within the cannabis industry as part of commonsense federal regulation.

The Marijuana Opportunity Reinvestment and Expungement (MORE) Act (H.R. 3884) would remove cannabis from the schedule of controlled substances. The bill also includes provisions to redress the disproportionate harm of the failed War on Drugs on communities of color. The National Cannabis Roundtable seeks to promote social justice, equity and diversity within the cannabis industry as part of commonsense federal regulation.

The Marijuana Opportunity and Reinvestment Act (MORE Act, H.R. 3884). Since the passage of the Controlled Substances Act 50 years ago, Congress has never addressed the scheduling of cannabis. For far too long, cannabis has been inappropriately classified creating criminal penalties for consumers and businesses alike. The MORE Act, among other areas, would remove cannabis from the Controlled Substances Act, federally decriminalizing the substance. Under the MORE Act, California would still be able to make decisions about its cannabis marketplace, but our businesses would no longer be subject to federal barriers like access to banking or tax payments under 280E. More importantly, cannabis offenses would no longer exist at the federal level, opening the door for countless individuals to expunge and clear their criminal records. The MORE Act also establishes an equity grant fund for state level efforts to end the War on Drugs.

For the safety of our employees and our communities, CCIA has worked to ensure the SAFE Banking Act remains part of COVID relief and becomes law. The SAFE Banking passed out of the House on two occasions. The first was standalone bill H.R. 1595 and the second as part of the Heroes Act (H.R. 6800), however this bill is yet to be passed by the Senate and signed into law. ​ CCIA wants to make sure that this important piece of legislation is part of a final, negotiated COVID package​. We need SAFE Banking to ensure that BIPOC (Black, Indigenous, People of Color) owned businesses, especially those owned by women, have equitable access to funding. Most notably, BIPOC owners who have been most adversely impacted by the pandemic compared to their white counterparts. Below are just some reasons among many that stress the importance of this relief. â--� Los Angeles social equity program, one of the few in the state, was designed to promote equitable ownership in the cannabis industry, but this program has had considerable challenges due to an imbalance of wealth. Although it was intended that Social Equity applicants have the opportunity to be first to market, a group of said applicants were forced to file a lawsuit to achieve fairness in a flawed process, which has now been settled. This is just the first step in an attempt to achieve equity. The majority of Social Equity applicants have not been able to afford the delayed process, nor the start-up costs associated with launching a cannabis business. â--� BIPOC operators lack access to the capital​ ​that is essential​ ​to start cannabis businesses, so establishing loan programs would help with this burden. However, even if the SBA were to set up a loan program, this could not be effectuated without access to banks. â--� Unfortunately, in the states that have equity programs written into their cannabis statutes, BIPOC owners fall prey to predatory business arrangements in which larger cannabis companies will be effectively running the businesses through a management services agreement while the BIPOC owner becomes a figurehead. â--� Women and BIPOC face significant barriers to accessing investment dollars.​ ​Every year women of color get less than 1% of total venture capital funding​. Further, data from 2019 indicates that only 200 Latinx and Black individuals nationwide were able to raise over $1 million in venture capital. This number is for all industries, not just cannabis. â--� The bill is unquestionably part of a holistic approach to ending the War on Drugs, and its devastating effects on communities of color. The longer that BIPOC entrepreneurs have to wait to enter this industry, the greater disadvantage they are at because of larger companies ability to build their brands and customer loyalty. â--� SAFE Banking reduces cash motivated crimes. Cannabis businesses and employees are routinely targeted, robbed and sometimes attacked because of the large amounts of cash that they are forced to deal with. â--� Lastly, SAFE Banking as included in the Heroes Act (H.R 6800) calls for two diversity studies for the cannabis industry. While these studies will largely tell us what we currently know (that non-white representation in the industry is disproportionately low), this will create an important baseline for future conversations around legalization and ensuring the industry is equitable. We cannot hope to repair our communities through reinvestment without the appropriate tools, including SAFE Banking. The events of recent months have shown us that this bill is more important than ever. We urge its swift passage to help our economy and our communities.

H.R. 1595/S.1200 - Secure and Fair Enforcement (SAFE) Banking Act and H.R. 6800 (the Heroes Act) the latter of which included requisite language from SAFE Banking. Access to banking and other traditional financial services is a critical issue facing the cannabis industry. Lack of access to those services is both a threat to public safety and a barrier to operational efficiency for cannabis businesses. The SAFE Banking Act would address these key business challenges - as well as the safety of the communities in which these businesses operate - while also ensuring the integrity of the financial system.

For the safety of our employees and our communities, CCIA has worked to ensure the SAFE Banking Act remains part of COVID relief and becomes law. The SAFE Banking passed out of the House on two occasions. The first was standalone bill H.R. 1595 and the second as part of the Heroes Act (H.R. 6800), however this bill is yet to be passed by the Senate and signed into law. ​ CCIA wants to make sure that this important piece of legislation is part of a final, negotiated COVID package​. We need SAFE Banking to ensure that BIPOC (Black, Indigenous, People of Color) owned businesses, especially those owned by women, have equitable access to funding. Most notably, BIPOC owners who have been most adversely impacted by the pandemic compared to their white counterparts. Below are just some reasons among many that stress the importance of this relief. â--� Los Angeles social equity program, one of the few in the state, was designed to promote equitable ownership in the cannabis industry, but this program has had considerable challenges due to an imbalance of wealth. Although it was intended that Social Equity applicants have the opportunity to be first to market, a group of said applicants were forced to file a lawsuit to achieve fairness in a flawed process, which has now been settled. This is just the first step in an attempt to achieve equity. The majority of Social Equity applicants have not been able to afford the delayed process, nor the start-up costs associated with launching a cannabis business. â--� BIPOC operators lack access to the capital​ ​that is essential​ ​to start cannabis businesses, so establishing loan programs would help with this burden. However, even if the SBA were to set up a loan program, this could not be effectuated without access to banks. â--� Unfortunately, in the states that have equity programs written into their cannabis statutes, BIPOC owners fall prey to predatory business arrangements in which larger cannabis companies will be effectively running the businesses through a management services agreement while the BIPOC owner becomes a figurehead. â--� Women and BIPOC face significant barriers to accessing investment dollars.​ ​Every year women of color get less than 1% of total venture capital funding​. Further, data from 2019 indicates that only 200 Latinx and Black individuals nationwide were able to raise over $1 million in venture capital. This number is for all industries, not just cannabis. â--� The bill is unquestionably part of a holistic approach to ending the War on Drugs, and its devastating effects on communities of color. The longer that BIPOC entrepreneurs have to wait to enter this industry, the greater disadvantage they are at because of larger companies ability to build their brands and customer loyalty. â--� SAFE Banking reduces cash motivated crimes. Cannabis businesses and employees are routinely targeted, robbed and sometimes attacked because of the large amounts of cash that they are forced to deal with. â--� Lastly, SAFE Banking as included in the Heroes Act (H.R 6800) calls for two diversity studies for the cannabis industry. While these studies will largely tell us what we currently know (that non-white representation in the industry is disproportionately low), this will create an important baseline for future conversations around legalization and ensuring the industry is equitable. We cannot hope to repair our communities through reinvestment without the appropriate tools, including SAFE Banking. The events of recent months have shown us that this bill is more important than ever. We urge its swift passage to help our economy and our communities.

CCIA encourages Congress to pass the SAFE Banking Act which has passed out of the House on two occasions - the first as standalone bill (H.R. 1595) and the second as part of the Heroes Act (H.R. 6800). While the challenges of COVID-19 amplified the need for access to financial services by cannabis businesses, recent targeting of cannabis businesses by criminals taking advantage of civil protests has made that need even more acute. Criminals know that cannabis businesses are easy targets because they do not have bank accounts and, therefore, have significant amounts of cash on hand. And while an act of vandalism is distressing to any business, cannabis businesses are faced with unique challenges due to their lack of access to traditional financial services. Among other considerations, obtaining property & casualty insurance for damage and loss is extremely difficult for cannabis businesses due to the lack of financial services. Additionally, while other businesses can pay their taxes electronically, and may have commercial insurance coverage to help recover losses for vandalism, state legal cannabis businesses are subject to hundreds of thousands, if not millions, of dollars in unrecoverable losses. The SAFE Banking Act would provide the same banking services for state-legal cannabis businesses which are enjoyed by every other legally operating business in the United States. CCIA strongly endorses the bill's passage as a matter of critical urgency for the California businesses it represents.

HR 1595/S. 1200 SAFE Banking Act We support the Secure and Fair Enforcement (SAFE) Banking Act, which would ensure that lawful and regulated cannabis businesses have access to banking and capital markets, while ensuring that safe and sound financial standards and procedures remain in place for the financial institutions interested in offering services to this marketplace. We urge Congress to provide states with the means to bank, track and tax this inevitable and significant economy.

Legal cannabis has been the fastest growing industry in the U.S. for the past four years, employing 243,700 Americans, making the legal cannabis industry one of Americas greatest job creators. With access to financial services (through the SAFE Banking Act or H.R. 1595/S.1200) and capital markets, legal cannabis would add $20 billion in tax revenue, create 788,000 new jobs, and $81 billion in loan opportunity in U.S. Banks.

H.R. 1595/S.1200 - Secure and Fair Enforcement (SAFE) Banking Act Access to banking and other traditional financial services is a critical issue facing the cannabis industry. Lack of access to those services is both a threat to public safety and a barrier to operational efficiency for cannabis businesses. The SAFE Banking Act would address these key business challenges - as well as the safety of the communities in which these businesses operate - while also ensuring the integrity of the financial system.

HR 1595/S. 1200 SAFE Banking Act We support the Secure and Fair Enforcement (SAFE) Banking Act, which would ensure that lawful and regulated cannabis businesses have access to banking and capital markets, while ensuring that safe and sound financial standards and procedures remain in place for the financial institutions interested in offering services to this marketplace. We urge Congress to provide states with the means to bank, track and tax this inevitable and significant economy.

H.R. 1595/S. 1200 - the Secure and Fair Enforcement (SAFE) Banking Act The cannabis industry represents the fastest growing sector of the U.S. economy and can play a critical role in generating more jobs for more Americans if it has access to the same banking services enjoyed by non-cannabis businesses. Among other considerations, the lack of access to banking services for cannabis companies is leading to more violent crimes of opportunity, as well as to the transmission of contaminated cash during the COVID-19 crisis. As shelter-in-place orders went into effect, most cannabis businesses were deemed essential, but were not able to implement the same electronic, socially distanced payment methods as their non-cannabis peers because they do not have traditional financial services. Access to banking would also enable the government to bank, track and tax cannabis sales which would, in turn, provide law enforcement officials with tools to prevent money laundering.

Legal cannabis has been the fastest growing industry in the U.S. for the past four years, employing 243,700 Americans, making the legal cannabis industry one of Americas greatest job creators. With access to financial services (through the SAFE Banking Act or H.R. 1595/S.1200) and capital markets, legal cannabis would add $20 billion in tax revenue, create 788,000 new jobs, and $81 billion in loan opportunity in U.S. Banks.

HR 1595/S. 1200: Safe Banking Act This bill ensures that lawful and regulated cannabis businesses have access to banking and capital markets, while ensuring that safe and sound financial standards and procedures remain intact for the financial institutions interested in offering services to the cannabis marketplace.

H.R. 1595/S. 1200 - the Secure and Fair Enforcement (SAFE) Banking Act The cannabis industry represents the fastest growing sector of the U.S. economy and can play a critical role in generating more jobs for more Americans if it has access to the same banking services enjoyed by non-cannabis businesses. Among other considerations, the lack of access to banking services for cannabis companies is leading to more violent crimes of opportunity, as well as to the transmission of contaminated cash during the COVID-19 crisis. As shelter-in-place orders went into effect, most cannabis businesses were deemed essential, but were not able to implement the same electronic, socially distanced payment methods as their non-cannabis peers because they do not have traditional financial services. Access to banking would also enable the government to bank, track and tax cannabis sales which would, in turn, provide law enforcement officials with tools to prevent money laundering.

H.R. 1595/S. 1200 - the Secure and Fair Enforcement (SAFE) Banking Act The cannabis industry represents the fastest growing sector of the U.S. economy and can play a critical role in generating more jobs for more Americans if it has access to the same banking services enjoyed by non-cannabis businesses. Among other considerations, the lack of access to banking services for cannabis companies is leading to more violent crimes of opportunity, as well as to the transmission of contaminated cash during the COVID-19 crisis. As shelter-in-place orders went into effect, most cannabis businesses were deemed essential, but were not able to implement the same electronic, socially distanced payment methods as their non-cannabis peers because they do not have traditional financial services. Access to banking would also enable the government to bank, track and tax cannabis sales which would, in turn, provide law enforcement officials with tools to prevent money laundering.

H.R. 1595/S. 1200 - the Secure and Fair Enforcement (SAFE) Banking Act The cannabis industry represents the fastest growing sector of the U.S. economy and can play a critical role in generating more jobs for more Americans if it has access to the same banking services enjoyed by non-cannabis businesses. Among other considerations, the lack of access to banking services for cannabis companies is leading to more violent crimes of opportunity, as well as to the transmission of contaminated cash during the COVID-19 crisis. As shelter-in-place orders went into effect, most cannabis businesses were deemed essential, but were not able to implement the same electronic, socially distanced payment methods as their non-cannabis peers because they do not have traditional financial services. Access to banking would also enable the government to bank, track and tax cannabis sales which would, in turn, provide law enforcement officials with tools to prevent money laundering.

HR 1595/S. 1200: Safe Banking Act This bill ensures that lawful and regulated cannabis businesses have access to banking and capital markets, while ensuring that safe and sound financial standards and procedures remain intact for the financial institutions interested in offering services to the cannabis marketplace.

Legal cannabis has been the fastest growing industry in the U.S. for the past four years, employing 243,700 Americans, making the legal cannabis industry one of Americas greatest job creators. With access to financial services (through the SAFE Banking Act or H.R. 1595/S.1200) and capital markets, legal cannabis would add $20 billion in tax revenue, create 788,000 new jobs, and $81 billion in loan opportunity in U.S. Banks.

H.R. 1595/S.1200 - Secure and Fair Enforcement (SAFE) Banking Act Access to banking and other traditional financial services is a critical issue facing the cannabis industry. Lack of access to those services is both a threat to public safety and a barrier to operational efficiency for cannabis businesses. The SAFE Banking Act would address these key business challenges - as well as the safety of the communities in which these businesses operate - while also ensuring the integrity of the financial system.

Legal cannabis has been the fastest growing industry in the U.S. for the past four years, employing 243,700 Americans, making the legal cannabis industry one of Americas greatest job creators. With access to financial services (through the SAFE Banking Act or H.R. 1595/S.1200) and capital markets, legal cannabis would add $20 billion in tax revenue, create 788,000 new jobs, and $81 billion in loan opportunity in U.S. Banks.

H.R. 1595/S.1200 - Secure and Fair Enforcement (SAFE) Banking Act and H.R. 6800 (the Heroes Act) the latter of which included requisite language from SAFE Banking. Access to banking and other traditional financial services is a critical issue facing the cannabis industry. Lack of access to those services is both a threat to public safety and a barrier to operational efficiency for cannabis businesses. The SAFE Banking Act would address these key business challenges - as well as the safety of the communities in which these businesses operate - while also ensuring the integrity of the financial system.

HR 1595: SAFE Banking Act and other legislation related to financial services for the cannabis industry.

HR 1595: SAFE Banking Act The ability to use US financial institutions for banking is essential to ensure the safety of the cannabis industry and cannabis consumers. Without access to banking, companies are forced to maintain large amounts of cash on hand, pay employees and vendors in cash, and use cash to pay taxes. All of this creates an untenable situation where the safety of consumers, employees and companies is at risk.

HR 1595: SAFE Banking Act California and other states with legal cannabis markets face a serious banking crisis. Licensed cannabis businesses have limited to no access to banking services, such as basic depository and checking accounts, resulting in businesses operating entirely in cash, which threatens the safety and financial security of law-abiding citizens. Ensuring access to banking services will enable the auditing and monitoring of these lawful businesses and allow investigatory and regulatory authorities to effectively focus their limited resources to investigate money laundering for legitimate criminal activity.

HR 1595 SAFE Banking Act We support the Secure and Fair Enforcement (SAFE) Banking Act, which would ensure that lawful and regulated cannabis businesses have access to banking and capital markets, while ensuring that safe and sound financial standards and procedures remain in place for the financial institutions interested in offering services to this marketplace. We urge Congress to provide states with the means to bank, track and tax this inevitable and significant economy.

HR 1595: SAFE Banking Act The ability to use US financial institutions for banking is essential to ensure the safety of the cannabis industry and cannabis consumers. Without access to banking, companies are forced to maintain large amounts of cash on hand, pay employees and vendors in cash, and use cash to pay taxes. All of this creates an untenable situation where the safety of consumers, employees and companies is at risk.

HR 1595: SAFE Banking Act and other legislation related to financial services for the cannabis industry.

HR 1595 SAFE Banking Act We support the Secure and Fair Enforcement (SAFE) Banking Act, which would ensure that lawful and regulated cannabis businesses have access to banking and capital markets, while ensuring that safe and sound financial standards and procedures remain in place for the financial institutions interested in offering services to this marketplace. We urge Congress to provide states with the means to bank, track and tax this inevitable and significant economy.

HR 1595: SAFE Banking Act The ability to use US financial institutions for banking is essential to ensure the safety of the cannabis industry and cannabis consumers. Without access to banking, companies are forced to maintain large amounts of cash on hand, pay employees and vendors in cash, and use cash to pay taxes. All of this creates an untenable situation where the safety of consumers, employees and companies is at risk.

HR 1595: Safe Banking Act This bill ensures that lawful and regulated cannabis businesses have access to banking and capital markets, while ensuring that safe and sound financial standards and procedures remain intact for the financial institutions interested in offering services to the cannabis marketplace.

HR 1595: SAFE Banking Act The ability to use US financial institutions for banking is essential to ensure the safety of the cannabis industry and cannabis consumers. Without access to banking, companies are forced to maintain large amounts of cash on hand, pay employees and vendors in cash, and use cash to pay taxes. All of this creates an untenable situation where the safety of consumers, employees and companies is at risk.

HR 1595: SAFE Banking Act California and other states with legal cannabis markets face a serious banking crisis. Licensed cannabis businesses have limited to no access to banking services, such as basic depository and checking accounts, resulting in businesses operating entirely in cash, which threatens the safety and financial security of law-abiding citizens. Ensuring access to banking services will enable the auditing and monitoring of these lawful businesses and allow investigatory and regulatory authorities to effectively focus their limited resources to investigate money laundering for legitimate criminal activity.

HR 1595: SAFE Banking Act The ability to use US financial institutions for banking is essential to ensure the safety of the cannabis industry and cannabis consumers. Without access to banking, companies are forced to maintain large amounts of cash on hand, pay employees and vendors in cash, and use cash to pay taxes. All of this creates an untenable situation where the safety of consumers, employees and companies is at risk.

HR 1595: Safe Banking Act This bill ensures that lawful and regulated cannabis businesses have access to banking and capital markets, while ensuring that safe and sound financial standards and procedures remain intact for the financial institutions interested in offering services to the cannabis marketplace.

H.R. 1595/S. 1200 - Secure and Fair Enforcement (SAFE) Banking Act Despite a history spanning over two decades (voters passed a medical cannabis program in 1998, and the use of cannabis by all adults over 21 was legalized in 2014) cannabis businesses in Oregon have struggled due to an inability to access banking services. Businesses have faced tremendous tax burdens and have had to store massive amounts of cash onsite. Additionally, Oregon businesses have been burglarized and employees have been violently attacked due to the existing framework we must work within. When our state licensed businesses are forced to operate in cash, our businesses and our costumers are subject to unnecessary risk. The SAFE Banking Act promotes public safety, encourages community reinvestment and facilitates payment processing, access to capital for minority and female business owners and would allow more banks to offer conventional loans to cannabis operators.

H.R. 1595/S.1200 - Secure and Fair Enforcement (SAFE) Banking Act Access to banking and other traditional financial services is a critical issue facing the cannabis industry. Lack of access to those services is both a threat to public safety and a barrier to operational efficiency for cannabis businesses. The SAFE Banking Act would address these key business challenges - as well as the safety of the communities in which these businesses operate - while also ensuring the integrity of the financial system.

HR 2093: STATES Act Lawfully licensed cannabis businesses face unfair obstacles and disparate treatment to other businesses within the state of California. Repealing the tax penalty that singles out legal cannabis businesses would begin to address this inequality by ensuring that these businesses have the ability to claim deductions and tax credits like any other business.

HR 2093: STATES Act Lawfully licensed cannabis businesses face unfair obstacles and disparate treatment to other businesses within the state of California. Repealing the tax penalty that singles out legal cannabis businesses would begin to address this inequality by ensuring that these businesses have the ability to claim deductions and tax credits like any other business.

H.R. 1595/S. 1200 - Secure and Fair Enforcement (SAFE) Banking Act Despite a history spanning over two decades (voters passed a medical cannabis program in 1998, and the use of cannabis by all adults over 21 was legalized in 2014) cannabis businesses in Oregon have struggled due to an inability to access banking services. Businesses have faced tremendous tax burdens and have had to store massive amounts of cash onsite. Additionally, Oregon businesses have been burglarized and employees have been violently attacked due to the existing framework we must work within. When our state licensed businesses are forced to operate in cash, our businesses and our costumers are subject to unnecessary risk. The SAFE Banking Act promotes public safety, encourages community reinvestment and facilitates payment processing, access to capital for minority and female business owners and would allow more banks to offer conventional loans to cannabis operators.

H.R. 1595/S.1200 - Secure and Fair Enforcement (SAFE) Banking Act Access to banking and other traditional financial services is a critical issue facing the cannabis industry. Lack of access to those services is both a threat to public safety and a barrier to operational efficiency for cannabis businesses. The SAFE Banking Act would address these key business challenges - as well as the safety of the communities in which these businesses operate - while also ensuring the integrity of the financial system.

HR 6043: Strengthening the Tenth Amendment Through Entrusting States Act (STATES) Surgically removes cannabis from the Controlled Substances Act for those states that have cannabis programs. Amends definition of marijuana under the Controlled Substances Act to no longer include industrial hemp. Restricts employment to workers over 18; cant distribute or sell to anyone under 21 except for medical purposes. Prohibits distribution of marijuana at transportation facilities such as rest areas and truck stops.

HR 6043: Strengthening the Tenth Amendment Through Entrusting States Act (STATES) Indicates that proceeds from state-compliant transactions shall not be deemed the proceeds of unlawful transactions thus addressing many of the financial obstacles created by federal prohibition.

HR 6043: Strengthening the Tenth Amendment Through Entrusting States Act (STATES) Indicates that proceeds from state-compliant transactions shall not be deemed the proceeds of unlawful transactions thus addressing many of the financial obstacles created by federal prohibition.