New Poll Says Americans Support SAFE Banking For Hemp and Cannabis Businesses

Today, the American Bankers Association (ABA) shared a new poll in conjunction with the Morning Consult showing that the majority of U.S. consumers support all legal cannabis businesses — including hemp and CBD — having access to banking services.

Of the 2,210 adults interviewed for the survey —

• 65% support allowing cannabis businesses to access banking services (e.g. checking accounts, business loans) in states where cannabis is legal
• 68% support Congress passing legislation that allows cannabis businesses to access banking services and products in states where cannabis is legal

While all 50 states have legalized hemp production, ill-defined federal law continues to discourage banks, lenders, and credit card processing services from providing safe banking to legally operating businesses involved in the hemp space.

“Consumers clearly agree that now is the time to resolve the ongoing conflict between state and federal law so banks can serve legal cannabis and cannabis-related businesses,” ABA CEO Rob Nichols said in a press release. “Doing so will help banks meet the needs of their communities while enhancing public safety, increasing the efficiency of tax collections and improving the financial transparency of the cannabis industry.”

Late last year, ABA was among several financial, labor and insurance groups to call on Congress to pass SAFE banking reform as part of a large-scale defense bill. Read more from Marijuana Moment.

The people have spoken! Will Congress finally listen?

Lead bill sponsor, Rep. Ed Perlmutter (D-CO), is giving it all he’s got to secure banking for hemp and cannabis business before retiring at the end of this session. In January, he filed the legislation as an amendment to the America COMPETES Act, which has passed in the House. While Rep. Perlmutter successfully secured SAFE Banking to the FY22 National Defense Authorization Act (NDAA) through the House last year, the Senate stopped the legislation in its tracks by removing his amendment from the proposal. At this point, SAFE Banking has cleared the House in six forms, only to be stalled in the Senate.

Let’s make Rep. Perlmutter’s last session count by getting SAFE Banking signed into law! Please visit our Federal Action Center TODAY to urge your Senators to support SAFE Banking for hemp businesses.

NATIONWIDE ALERT

Urge Your U.S. Senator to Support SAFE Banking!

August 15, 2020Contact Your Senator Today!