November 17, 2021
21 State Governors Call On U.S. Senate To Support SAFE Banking!
Last week, a coalition of State Governors representing 21 states, Washington, D.C., Guam and the U.S. Virgin Islands sent a bipartisan letter to members of the U.S. Senate urging them to support the inclusion of the SAFE Banking Act into the final 2022 National Defense Authorization Act (NDAA).
The SAFE Banking Act has now passed the U.S. House of Representatives FIVE times which also voted to include the bill as an amendment to the NDAA in September. Still, the Senate has never voted on the measure. The SAFE Banking Act has more bipartisan support than ever before and Congress must take steps to ensure that this measure is included in the final version of the NDAA that goes to President Biden’s desk.
While all 50 states have legalized hemp production and more than 35 states have legalized cannabis for medical or adult use, ill-defined federal law continues to prevent banks, lenders, and credit card processing services from providing safe banking to legally operating businesses involved in the cannabis space. Without access to these services, cannabis businesses are forced to deal with large amounts of cash which can lead to financial confusion or criminal activity.
>>> All legal U.S. businesses deserve to feel SAFE banking. <<<
This legislation, sponsored by Rep. Ed Perlmutter (D-Colo.), protects cannabis businesses — including hemp and CBD — with access to normal banking services, which will transition fully cash-based transactions into the financial system where they belong. As discussed here, the cannabis banking bill was much improved after adding industry-requested explicit protections for banking and credit card processing services for hemp farmers and CBD businesses, an effort lead by bill cosponsor Rep. Andy Barr (R-KY).
Hear from Reps. Perlmutter and Barr, who joined us for a virtual fly-in during our Fall members meeting to discuss the progress of SAFE Banking and why this bill is crucial for all cannabis businesses below.
Please use our Federal Action Center TODAY to contact your U.S. Senators and ask them to pass the NDAA with the SAFE Banking Act amendment. It’s as easy as typing in your name, email and zip code, and personalizing our draft message to share your story. Contact your U.S. Senators today!