#3 in Senate talks on secure banking

Once again, Congress is working to pass SAFE Banking, a much-needed boost for the cannabis industry. SAFE banking would not only provide secure ways to move legal money, it would tie them more deeply into mainstream economies like alcohol and tobacco.

Although this is the third attempt, he has gained key allies like Sen. Patty Murray, who is third in line for the presidency and chairs the powerful Budget Committee. She was known for being soft-spoken and for having great influence.

Fresh Toast Founder/Editor JJ McKay and Senator Patty Murray

“It makes absolutely no sense for legal cannabis companies in states like Washington to be forced to operate exclusively with cash — and it’s dangerous to their employees, their businesses, and our neighborhoods,” Senator Murray said. “I introduced bipartisan legislation that would bring legal cannabis businesses into the formal banking system where they belong – making our communities safer and providing much-needed relief to these small businesses and their customers.” Let’s make this the congress where we finally enact this law — and let’s implement it as soon as possible.”

Speaking to her team and this media outlet, she reiterated her position of support and argument. She explains the bill is bipartisan, which is crucial for its passage. Senator Murray will be joined by Senator Chuck Schumer, the Democratic Senate Majority Leader, who has expressed his own support for the bill.

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Along with Senator Murray, US Senators Jeff Merkley (D-OR), Steve Daines (R-MT) and US Representatives Dave Joyce (R-OH-14) and Earl Blumenauer (D-OR-03) led the bipartisan bicameral a Secure and Fair Enforcement (SAFE) Banking Act of 2023. The bill would ensure legal cannabis businesses have access to essential banking and financial services.

The SAFE Banking Act of 2023 would prevent federal banking regulators from:

• Prohibiting, penalizing, or discouraging a bank from providing financial services to a legitimate, state-sanctioned and regulated cannabis business or any related entity (e.g., an attorney or landlord providing services to a legal cannabis business);
• Termination or limitation of a bank’s federal deposit insurance primarily because the bank provides services to a state-licensed cannabis company or related entity;
• recommending or inducing a bank to cease or downgrade the provision of any banking services to such entities; or
• Taking action regarding a loan to an owner or operator of a cannabis business.

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The cannabis industry suffers from an oversupply of flower, excessive taxes, and the same problems as the mainstream industry, such as hiring. The SAFE Banking Act would be a boon to both the industry and states that derive high revenues from legal sales.