Following today's vote by the Senate Committee on Banking, Housing, and Urban Affairs to advance the SAFER Banking Act to the full Senate, US Cannabis Council SVP of Public Affairs David Culver released the following statement:
“Today’s vote by the Senate Banking Committee marks the first time that cannabis banking reform has been passed out of a Senate committee. This marks a critical step toward securing banking access for the nation’s $30+ billion licensed cannabis industry, which supports over 400,000 full-time jobs across the country.
“The House has previously passed the SAFE Banking Act seven times, but the Senate has stopped short in the past. The primary obstacle was that SAFE had not advanced through regular order. With today’s vote, that obstacle is history.
“The updated SAFER Banking Act is now in a strong position to be passed on the Senate floor, either as a stand-alone bill or part of a larger package. This is where our focus will remain.
“Once passed in the Senate, SAFER will be taken up in the House, where cannabis banking reform continues to enjoy broad, bipartisan support. We anticipate ongoing conversations between the parties and chambers about Section 10, and we are optimistic that negotiators will work through any differences and pass the bill.
“We deeply appreciate the hard work by the Senate Banking Committee and SAFER's bipartisan sponsors to advance this vital legislation toward the finish line in this Congress.”