Following today’s Senate Banking Committee hearing on the SAFE Banking Act, US Cannabis Council (USCC) executive director Ed Conklin released the following statement:
"Today's hearing was a huge step forward. We heard powerful testimony from the bill's bipartisan lead sponsors–Sen. Jeff Merkley and Sen. Steve Daines–as well as witnesses speaking to the urgent need for cannabis banking reform.
"The SAFE Banking Act enjoys strong, bipartisan support from a remarkable range of stakeholders. This unprecedented coalition includes labor unions, social equity advocates, bankers, realtors, small and minority cannabis operators and every single cannabis industry trade group.
"USCC has consistently worked to uplift the voices of people directly impacted by the cannabis industry's lack of banking access. We have heard from family members of workers murdered in the course of armed robberies and from minority cannabis operators who are struggling to stay afloat while facing extreme security challenges.
"The status quo is untenable. It benefits armed robbers and illicit operators–and no one else.
"We thank Sen. Sherrod Brown and Sen. Tim Scott for hosting today's hearing, and we urge Congress to advance this crucial legislation through regular order. Without question, passing the SAFE Banking Act will make our communities safer and our industry more equitable."
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The US Cannabis Council (USCC) is the voice of America's regulated cannabis industry. By harnessing the collective power and reach of our members and allies, we have become a leading force for ending federal prohibition and creating an equitable and values-driven cannabis industry.