Urge Congress to Support the SAFE Banking Act!
In January, Rep. Ed Perlmutter (D-CO) announced that after 15 years in Congress he will not be running for re-election to pursue retirement. Let’s end his last session on a high note by gifting him passage of the SAFE Banking Act!
Rep. Perlmutter has been a staunch advocate for cannabis in Colorado and nationwide as lead sponsor of The SAFE Banking Act, which has now passed the U.S. House in some form SEVEN times only to be stalled by the U.S. Senate. The Secure and Fair Enforcement (SAFE) Banking Act would protect institutions administering financial services to legal cannabis, hemp and ancillary businesses.
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 working with legally operating companies 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.
Rep. Perlmutter has worked closely with Rep. Andy Barr (R-KY) to ensure the SAFE Banking Act would also explicitly protect hemp businesses. Despite the federal legalization, many hemp business owners continue to have trouble finding financial institutions that will work with them—especially when it comes to cannabidiol (CBD) businesses.
“This bill will provide additional clarity for banks, insurance companies and card processors that they can in fact do business with legally operating hemp businesses,” Barr said. “It would also direct our federal financial regulators to update best practices for serving hemp and CBD businesses.”
Make Rep. Perlmutter’s last session count by helping SAFE Banking get signed into law.
Please use this Federal Action Center TODAY to support the SAFE Banking Act!