The majority of Americans want Congress to crack down on cannabis banking

According to data collected in a national poll released March 8, conducted by Morning Consult and commissioned by the American Bankers Association, a majority of Americans want Congress to get the ball rolling on cannabis banking reform brings.

Lack of access to banks is forcing cannabis companies to deal in cash – which has proven to be extremely reckless. A dangerous pattern of robberies that emerged in certain states related to cannabis, money and how the two intersect.

The survey data suggests that the majority of Americans are happy with their bank account, but the survey also asked respondents about their views on allowing cannabis companies access to banking institutions and whether this should be allowed.

The survey examined consumer views on cannabis banking. A strong majority of American adults — 65 percent — support cannabis companies’ access to banking services like checking accounts and business credit in states where cannabis is legal, while only 15 percent oppose it. Additionally, 68 percent of Americans said Congress should pass legislation to allow cannabis companies “access to banking services and products in states” where it’s legal.

Seven in 10 support Congress passing legislation that would allow cannabis businesses access to banking services like checking accounts and business loans, at least in states where cannabis is legal. In many of these states, businesses still deal in cash.

“Consumers clearly agree that now is the time to resolve the ongoing conflict between state and federal law to allow banks to serve legal cannabis and cannabis-related businesses,” said Rob Nichols, President and CEO of ABA. “This will help banks meet the needs of their communities while improving public safety, increasing tax collection efficiency and improving the financial transparency of the cannabis industry.”

NORML executives welcomed the new data series, particularly for including people’s opinions about cannabis companies in the survey.

“Americans understand that no industry can operate safely, transparently, or effectively without access to banks or other financial institutions, and it goes without saying that without that access, this industry and the consumers it serves will be seriously handicapped,” the NORML deputy said Director Paul Armentano and commented on the survey data. “It is also clear that the status quo is actively hurting small businesses and creating unnecessary barriers to entry for entrepreneurs from communities disproportionately impacted by decades of cannabis prohibition. To truly lift the marijuana industry out of the shadows, Congress needs to take action to repeal these antiquated and discriminatory practices.”

According to recent data from the US Treasury Department, only about 11 percent of all US banks and about 4 percent of all US credit unions offer banking services to cannabis-related businesses.

In early February, the House of Representatives passed the SAFE Banking Act as part of a separate bill — this is the sixth time the lower house of Congress has passed the bill to give cannabis companies access to banking and other financial services.

Members of the House of Representatives passed provisions of the Banking Act as an amendment to legislation designed to support US manufacturing and improve competitiveness with China, known as the America Creating Opportunities for Manufacturing, Pre-Eminence in Technology and Economic Strength Act of 2022 (America COMPETES Act of 2022). 2022).

NORML cited survey data compiled by Whitney Economics earlier this year. This survey found that over 70 percent of cannabis companies say their lack of access to banking services or investment capital is their biggest challenge. While 42 percent of respondents cited government regulations as the biggest burden on the industry, only 39 percent cited the influence of the black market.