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Lawmakers Talk Next Steps For Marijuana Banking As Industry Group Launches New Ads Highlighting Harms Of Cash-Only Sales
Washington, D.C., July 27, 2022
Tags: Jobs & the Economy
Three congressional lawmakers participated in a briefing about the path forward for marijuana banking reform on Wednesday, reaffirming the urgent need for a policy change as a public safety and economic equity issue and addressing the political “momentum” that they’ve built to finally enact reform.
The event, organized by the U.S. Cannabis Council (USCC), coincided with the release of two new industry ads that highlight the consequences of the status quo for small businesses and the violent crime targeted at cash-intensive marijuana shops that are largely excluded from the traditional financial system.
Rep. Ed Perlmutter (D-CO) spoke at the event about the two House-passed vehicles containing the Secure and Fair Enforcement (SAFE) Banking Act, which he’s sponsoring, that now “sit in the Senate.” There’s a standalone bill, as well as an amendment included in must-pass defense legislation.
He added that the reform could also be folded into a broader package of incremental cannabis policy proposals that’s being discussed in bicameral and bipartisan offices.
The congressman said that passing the measure is necessary “so that we can reduce the danger that people in the cannabis industry face.”
At the briefing, USCC showed an ad featuring the father of a son, Jordon Brown, who was killed during a robbery at a Washington marijuana shop.
“These cash-based businesses, they gotta live in fear because our government won’t give them the same right they give every other business: they ability to use credit cards,” the father, Dennis Brown, who also spoke at the event, said. “There’s been a lot of victims from this. My son was the ultimate victim. He lost his life.”
Sens. Jeff Merkley (D-OR), who is the lead sponsor of the Senate version of the SAFE Banking Act, said that the current federal policy barring state-legal marijuana business participation in the traditional financial system “is an invitation to armed robbery.”
“Jordan lost his life because of that invitation, and certainly his experience is not isolated case,” the senator said, pushing back on criticism from some advocates who have argued that marijuana banking legislation would only help big businesses instead of small operators. “This isn’t about Wall Street. This is about Main Street America.”
To that end, USCC’s second ad focuses on small business owners and regulators in Washington State, where there have been a spate of robberies at cannabis businesses in recent months.
“As small business owners, they’re told they’re the lifeblood of the U.S. economy,” the narrator says. “They join other small business owners around the country that account for 64 percent of new jobs created in America. But for them and others that run legal cannabis dispensaries, the acts of violence that take place in their businesses put them, their employees and their customers at risk every day.”
At the briefing, Merkley implored supporters to thank the 42 senators who have cosponsored the Senate version of the SAFE Banking Act, including the nine Republican members who have signed on to the legislation.
“But we have a challenge—and it’s a challenge to have a broader perspective of also doing criminal reforms along with SAFE Banking,” he said.
“Now, I support these criminal reforms,” Merkley said, adding that while he supports a newly filed bill to federally legalize marijuana from Senate Majority Leader Chuck Schumer (D-NY) and colleagues, it doesn’t currently have the same level of bipartisan support to pass this session.
Schumer and Sen. Cory Booker (D-NJ) have been particularly adamant about advancing comprehensive legalization first before allowing a vote on the standalone SAFE Banking Act. But with time running thin to get something done on the issue before the year’s end, the senators have started to more openly entertain alternative legislative approaches.
Content originally published by Marijuana Moment on July 27, 2022.