Rep. Perlmutter: Let’s make authorized hashish work higher

Ed Perlmutter is a member of Congress and represents Colorado’s 7th district

Just a week ago, the US House of Representatives passed the SAFE Banking Act again with overwhelming bipartisan support with 321 to 101 votes, with every Democrat and a majority of Republicans voting in favor. As the main sponsor of this legislation, I am grateful for the tens of thousands of messages NORML members from across the country have sent to their lawmakers in support of my bill.

As you probably already know, this bill would give state legal cannabis companies and their employees access to the banking system. This will bring money off the streets into the financial system, which is used to eradicate fraud and illegal activity. I hope the SAFE Banking Act will pave the way for Congress to embark on other cannabis reforms and to better align state and federal laws.

The U.S. cannabis industry continues to grow rapidly. Its current value is estimated at $ 17.7 billion, a significant portion of which remains unbanked. As of January 2021, the legal cannabis industry will support 321,000 jobs nationwide. Employment growth of 250% is forecast in this market for the period 2018-2028. This is the fastest rate for any sector in the US. This cash adds security for the industry and gives banks and credit unions more capital to lend during the economic recovery wrought by the COVID-19 pandemic.

In the absence of necessary reforms, thousands of legal cannabis companies and their workers across the country will continue to face serious public safety risks. Congress has the ability to protect them and should do so immediately. There are many other marijuana issues that need to be addressed, but the passage of the SAFE Banking Act is a critical element of cannabis reform that cannot wait.

As we continue to build the support needed for wider reform, I hope you will Will you join me in asking the Senate to follow the lead of the majority of American voters and the House of Representatives and swiftly pass the SAFE Banking Act to save lives and protect our communities.

Thank you for your support,
Ed Mother of Pearl
Representative
Colorado’s 7th district

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