Merkley, Daines Lead Senate Introducing Bipartisan Laws to Guarantee Authorized Hashish Firms Are Not Excluded from Essential Monetary Providers – MJNews Community

DISTRICT OF COLUMBIA: Oregon’s U.S. Senator Jeff Merkley and U.S. Senator Steve Daines (R-MT) today introduced the bipartisan Secure and Fair Enforcement (SAFE) banking law designed to ensure legal cannabis companies have access to critical banking services.

Most state legal medical or recreational cannabis companies are denied access to the banking system because banks fear they could face criminal prosecution under federal law due to ongoing federal restrictions on cannabis. Lack of access to bank accounts, credit cards, and checks has forced state legal cannabis companies to operate in cash, opening the door to tax evasion and a dangerous pattern of robberies, including one that resulted in the murder of a Portland shop clerk.

Giving government legal cannabis companies access to banking services would not only improve community safety, but also make it easier for Americans with skin color who have long been disproportionately heavily influenced by the racist policies of the American War on Drugs and generations of strategies and practices to dismantle Assets Affected – Get access to the capital necessary to participate in the cannabis industry merger.

“Nobody who works in a store or behind a register should have to worry about experiencing a traumatic robbery at any moment,” Merkley said. “That means we can’t force legal cannabis companies to work exclusively with cash – a nonsensical rule that is an open invitation to robbery and money laundering. Let’s make 2021 the year this law is signed so we can ensure that all legal cannabis companies have access to the financial services they need to keep their employees safe. “

“Montana companies shouldn’t have to work with cash – they should have a safe way to do business,” said Daines. “My bipartisan bill will provide the necessary security for legal cannabis companies in Montana and give them the freedom to use banks freely.” Credit unions and other financial institutions without fear of punishment. This in turn will help increase public safety, reduce crime, support small businesses in Montana, create jobs and boost the local economy. A win-win situation for everyone. “

In order to allay the security concerns arising from the blocking of these state legal transactions, the SAFE Banking Act would prevent the federal banking supervisory authorities from:

  • Prohibiting, punishing, or discouraging a bank from providing financial services to a legitimate government sanctioned and regulated cannabis business or affiliate (such as an attorney or landlord providing services to a legal cannabis business);
  • Termination or restriction of a bank’s deposit insurance only because the bank is providing services to a government-sanctioned cannabis business or related business;
  • Recommendation or incentive for a bank to discontinue or downgrade the provision of banking services to these companies; or
  • Taking a loan to an owner or operator of a cannabis business.

The bill also creates a safe haven from prosecution, liability and asset loss for banks and their officers and employees who provide financial services to legitimate, state-sanctioned cannabis companies, while preserving the right of banks not to provide those services. The bill also provides protection for companies associated with hemp and CBD.

The bill would require banks to adhere to current Financial Crimes Enforcement Network (FinCEN) guidelines while allowing FinCEN guidelines to be streamlined over time as states and federal governments adhere to legalized medical guidelines Customize cannabis and recreational cannabis.

The momentum of the SAFE Banking Act reached new heights at the 116th Congress when the US House of Representatives passed the law and incorporated it into the HEROES Act.

The legislation is led by the US Senators Kyrsten Sinema (D-AZ), Edward J. Markey (D-MA), Alex Padilla (D-CA), Patrick Leahy (D-VT), Richard Durbin (D-IL) and Ron supports Wyden (D-OR), Mazie Hirono (D-HI), Tina Smith (D-MN), Angus King (I-ME), Catherine Cortez Masto (D-NV), Michael Bennet (D-CO), Robert Menendez (D-NJ), Jon Tester (D-MT), Jacky Rosen (D-NV), Kevin Cramer (R-ND), Dan Sullivan (R-AK), Kirsten Gillibrand (D-NY), Elizabeth Warren (D. -MA), Chris Murphy (D-CT), Gary Peters (D-MI), Bernie Sanders (I-VT), Brian Schatz (D-HI), Patty Murray (D-WA), Amy Klobuchar ( D-MN)), Rand Paul (R-KY), Bill Cassidy (R-LA), Cynthia Lummis (R-WY) and Lisa Murkowski (R-AK).

The legislation was introduced last week by Representatives Ed Perlmutter (D-CO-7), Nydia M. Velázquez (D-NY-07), Steve Stivers (R-OH-15) and Warren Davidson (R-OH-08) ) and over 100 of their colleagues in the US House of Representatives.

The full text of the legislation is available here.

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