ACTION ALERT:

Urge the Senate to Pass the SAFE Banking Act

https://www.mpp.org/takeaction/actions/please-support-the-safe-banking-act/>

Earlier this month, the U.S. Senate Banking Committee held its first-ever hearing on the SAFE Banking Act (SAFE), a bipartisan bill that would allow banks to legally work with state-licensed cannabis businesses. The House of Representatives has already passed a version of SAFE on seven previous occasions, but the Senate has yet to act on this vital legislation.

SAFE would make a huge difference for cannabis businesses and customers in states with legal medical cannabis and adult-use cannabis markets. Due to current federal laws, state-legal cannabis businesses face substantial barriers preventing access to capital and banking services that other industries take for granted. Small businesses in particular are struggling without adequate access to loans and other financial services. This untenable situation keeps prices high, hinders equity efforts, and forces businesses to operate on a cash-only basis that puts workers, patients, adult-use consumers, and communities at risk.

MPP and our allies are actively pressing Congress to pass federal cannabis reform this year. You can amplify our message and let the Senate know that passing cannabis reform legislation is a top priority by contacting your Senators today.

The federal government’s failure to pass meaningful banking reform harms the entire cannabis industry, and it disproportionately impacts the opportunities for social equity licensees and minority-owned businesses to participate in a fair and inclusive legal cannabis marketplace.

22 states and the District of Columbia have now legalized adult-use cannabis, and more states are poised to move forward with legalization efforts. Our federal lawmakers can no longer ignore this critical matter. And while SAFE isn’t full legalization, passing cannabis banking reform is our best chance to make serious progress in a divided Congress, and bring us one step closer to ending federal cannabis prohibition.

Please help us keep SAFE and other vital cannabis reform priorities on track by taking action and making your voice heard.

Sincerely,

The MPP Team