Schumer: Senate ‘Very Close’ To Passing SAFE Banking Act -

“The House of Representatives passed the bill for the sixth time earlier this year.”

Why this is important: The passage of the Secure And Fair Enforcement Banking Act will improve public safety within the communities where cannabis-related legitimate businesses operate by reducing the amount of cash on hand at such businesses. Following the midterm elections, recreational adult cannabis use is legal in nearly half of the country. However, cannabis-related legitimate businesses that cultivate, produce, manufacture, sell, transport, dispense, distribute, purchase, or otherwise market cannabis do not have access to financial services. Without access to financial services, these businesses are forced to operate in a cash-only environment, which is an invitation for criminal activity. “Current conditions, which require all-cash transactions in every aspect of the business encourage tax fraud, add expensive monitoring and bookkeeping expenses, and—most importantly—leave legitimate businesses vulnerable to theft, robbery, and the violence that accompany those crimes. The SAFE Banking Act presents us with an opportunity to greatly assist in stabilizing the industry and enhancing public safety.”, Major Neill Franklin, Ret., Executive Director, Law Enforcement Action Partnership