In response to today's introduction of the SAFE Banking Act in the House and Senate, US Cannabis Council chair Jessica Billingsley issued the following statement:
"The US Cannabis Council (USCC) welcomes today’s introduction of the SAFE Banking Act. The bill provides vital protections for regulated cannabis businesses–including small businesses and entrepreneurs–to access financial services on a more level playing field with other industries.
“Federal law has forced the nation’s $30+ billion cannabis industry to conduct business almost entirely in cash. As a result, dispensaries have become an attractive target for armed criminals, and lives have been lost. This status quo benefits armed robbers and illicit operators–and no one else.
“Illicit operators commonly avail themselves of alternate payment methods that are unavailable to legal operators. Meanwhile legal operators have targets painted on their backs and frequently struggle to access basic bank services. This is particularly acute for small businesses and minority cannabis operators.
“This reality drives our advocacy for the SAFE Banking Act. We came incredibly close to getting banking reform across the finish line in the last Congress, and we see a clear path forward to passage in this Congress.
“The bill enjoys strong, bipartisan and bicameral support, and we look forward to engaging with leaders in both chambers to secure its passage. We are thankful for the ongoing support of the bill’s bipartisan lead sponsors in advancing this critical legislation.”