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| Friend, Please register to join us for Not a SAFE Bet: Equitable Access to Cannabis Banking next Wednesday, August 17, at noon ET. I’m excited to moderate this free, virtual convening of experts who will share their analysis of the SAFE Banking Act, why it would fall short of its goals, and recommendations to improve fair access to marijuana markets. It’s part of the Cannabis Regulatory Deep Dive series hosted by the Drug Enforcement and Policy Center at The Ohio State University Moritz College of Law. At DPA, we know that equity must be at the forefront of marijuana legislation. That’s why we are actively working to amend the SAFE Banking Act to ensure it provides the fair, just access our communities deserve before Congress passes it. Many marijuana businesses don’t have access to banking services because marijuana is still illegal at the federal level. The SAFE Banking Act is a bill designed to create “safe harbor” to enable financial institutions to offer banking services to licensed marijuana and ancillary businesses. However, the bill would not change marijuana’s status under the Controlled Substances Act so it would still be illegal at the federal level. That means banks would continue to view marijuana businesses as a “risk” and would be more likely to offer loans and services to only the most established, well-resourced businesses. This will unfairly leave many minority-owned marijuana businesses behind and the bill doesn’t create any other entry points or advantages to ensure they receive commercial loans and adequate financial support to succeed. With your support, we can change that. Join our panel next week to learn more.
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