FOR IMMEDIATE RELEASE June 23, 2022 SAFE Banking Defeated in Congress, Stripped from USICA/COMPETES Act Share This Email Share This Email Share This Email (Washington, DC) -- Today, it was reported that the SAFE Banking Act will not be included in the major bipartisan manufacturing bill, USICA/COMPETES Act, despite its initial inclusion. The exclusion of SAFE Banking is due in part to the tireless work of SAM's legislative affairs team, who have worked for several months with key members of Congress to ensure this result. "This is a big win for public health, and an embarrassing loss for big banks and Big Weed," said Smart Approaches to Marijuana (SAM) President Dr. Kevin Sabet. "It's also yet another blow to the Big Tobacco industry, which was dealt several defeats from the FDA this week. Big Tobacco desperately needs the passage of the SAFE Banking to pave the way for billions of dollars of Wall Street investment in the American marijuana market and save their dying industry." By removing SAFE Banking from this bill, Congress is sending a clear message that marijuana banking is not a legislative priority. Granting banking access to the industry would allow massive investment into the production of highly potent marijuana products that will be marketed to young people, could potentially allow money laundering by criminal gangs and foreign cartels running the marijuana black markets, and even benefit organized crime. The SAFE Banking Act provides a “safe harbor” from banking regulators for banks who choose to accept federally illegal proceeds derived from the production and sale of marijuana. However, marijuana would remain federally illegal, and banks would still be vulnerable to prosecution under the Controlled Substances Act for taking federally illegal funds. "If passed, this would have set a dangerous legal precedent to allow banking access for a Schedule 1 drug, giving money laundering access to international drug cartels who are already using the cover of legalization," said Sabet. "Additionally, crime would not go down---given that it is often the actual THC product, not cash, that is the target of criminals." ### About SAM Smart Approaches to Marijuana (SAM) is a nonpartisan, non-profit alliance of physicians, policy makers, prevention workers, treatment and recovery professionals, scientists, and other concerned citizens opposed to marijuana legalization who want health and scientific evidence to guide marijuana policies. SAM has affiliates around the world and in virtually every US state. Media Contact: Jordan Davidson (203) 295-5020 [email protected] FOLLOW US Smart Approaches to Marijuana (SAM) | 107 S. West St., Suite 757, Alexandria, VA 22314 Unsubscribe [email protected] Update Profile | Constant Contact Data Notice Sent by [email protected] powered by Try email marketing for free today!