September 24, 2021 John,
Just now, the House of Representatives passed HR 4350, the National Defense Authorization Act (NDAA). For the first time ever, this must-pass legislation included language, the Secure and Fair Enforcement (SAFE) Banking Act, amending federal law so that state-licensed marijuana-related businesses can engage freely in relationships with banks and other financial institutions.
Now, members of the US Senate will decide whether or not to include it in their version of the bill. While we are in a strong position to finally enshrine the SAFE Banking Act into law with its inclusion in the House version of the NDAA, we would be in an even stronger position if it were present in both chambers' funding packages.
That is why we’re asking you to contact your Senators to support the inclusion of SAFE in the Senate package.
Federal law currently defines all marijuana-related endeavors as criminal enterprises, including those commercial activities that are licensed and legally regulated under state laws. Therefore, virtually no state-licensed cannabis businesses can legally obtain a bank account, process credit cards, or provide loans to small businesses and entrepreneurs.
In this environment, the rapidly growing multi-billion dollar cannabis industry must operate largely on a cash-only basis, which makes businesses more susceptible to theft and more difficult to audit. This ongoing federal prohibition also places the safety and welfare of these businesses’ customers at risk, as they must carry significant amounts of cash on their persons in order to make legal purchases at retail facilities.
It is critical to balance the dire need to accomplish comprehensive reform at the federal level while making every effort possible in the immediate term to support the successful state-level programs to ensure safe and efficient consumer access to quality cannabis that is cost-competitive with the unregulated market.
For these reasons, NORML has long advocated that federal lawmakers vote “Yes” on The SAFE Banking Act.
As Congress continues to grapple with all of the issues that face the American people, including charting a pathway forward to finally repeal the senseless policy of national cannabis prohibition, now is the time to move this consensus-driven, bipartisan effort from legislation and enshrine it into law.
So please, send a message to your Senators and encourage them to support the inclusion of the SAFE Banking Act to move one step closer to normalizing the sale of cannabis in America.
Thanks for all you do,
NORML
