Trying to make cannabis safer and save you money

A 40-hour job and hard work shouldn’t be a reason for you not to get a car loan. Building a legal business you’re passionate about shouldn’t be the reason your bank avoids you. Over 40 states have some form of legal weed and over 48 million have used marijuana. About 90% of Americans believe it should be legal in some form. Yet Republicans and the Biden administration believe in myths and favor a thriving illegal (and dangerous) market over a legal, safe and beneficial legal market.

Currently, marijuana business owners, over 90% of whom are small businesses, operate in an environment where they must deal with large amounts of money and second-class citizen status. And it directly impacts the consumer. Robberies, zero tax breaks and expensive non-traditional bank loans impact product costs and strain the wallets of millions of consumers.

That doesn’t include the 1,500 unlicensed pharmacies in New York City that are killing businesses that have endured the enormous effort and expense required by the state to operate legally. And they delight consumers too!

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Washington State Treasurer Michael Pellicciotti is leading a group of bipartisan state officials to help the Senate understand the practical need for SAFER banking. While he is pleased that the new bill has made more progress than any other, he knows there is still much work to be done.

Pellicciotti has an important ally in Washington Senator Patty Murray. Murray is number three in the Senate, a co-sponsor of SAFER Banking and an advocate. Your support is an excellent counterweight to Mitch McConnell’s fight against legal marijuana.

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One problem associated with the lack of a SAFER Banking law is that it becomes more difficult for regular employees of companies to obtain auto, home and other traditional loans. Without SAFER Banking, this is viewed as negative and will have a negative impact on a regular employee maintaining a stable job. Even if it’s a well-paying job, banks tend to judge with a “no” lens.

“It’s ridiculous that legal cannabis businesses in Washington state are forced to operate exclusively on cash – and that puts the safety of their employees and our neighborhoods at risk,” said Senator Murray. “That’s why I’ve been working on SAFE banking legislation for years and am excited about the bipartisan momentum behind this bill, which has now advanced further than ever before in the U.S. Senate. The SAFER Banking Act is an important first step in doing the right thing for small business owners and the communities in which they operate – and I will continue to work to get it over the finish line. However, we cannot stop there – we must work toward broader cannabis policy reforms that address the long history of racial injustice and criminalization that has harmed so many communities across the country.”