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As Bipartisan Support for Cannabis Banking Reform Grows, Congress Should Advance SAFE Banking Act, says NCR

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WASHINGTON, DC – The National Cannabis Roundtable (NCR) applauds the Senate Banking, Housing, and Urban Affairs Committee for holding today’s hearing to examine cannabis banking reform. NCR commends Chairman Mike Crapo (R-ID) for holding the hearing and Senators Cory Gardner (R-CO) and Jeff Merkley (D-OR) for their leadership on cannabis reform. A recording of the hearing can be viewed here.

“Today’s hearing perfectly captures why state regulated cannabis businesses deserve and need access to basic financial services,” said Terry Holt, NCR spokesman. “The fastest growing industry in the U.S. shouldn’t be forced to operate almost exclusively in cash.  The SAFE Act will make our communities safer and unlock the full potential of this growing industry.  We applaud Chairman Crapo and Senators Gardner and Merkley for their leadership and commitment to advancing cannabis banking reform.”

Today’s hearing featured testimony from Senators Gardner and Merkley:

“Our failure to act seems to be grounded in two incorrect assumptions. The first is that we can continue prohibition. We can’t. We are a government of the People and the People have changed their views. So our laws must change. The second is that we can come to a national consensus for full-throated legalization in the near- term. We can’t. There are still too many unanswered questions. Many states that have legitimate concerns. If those seeking reform insist on swinging for the fences, they will strike out and lose the chance for real improvement,” said Senator Gardner

“More than half of the states in our country allow for medical or adult-use of cannabis. As more states consider legalization of cannabis for medical and adult-use, it is critical that this Committee create a path for the financial sector’s role in serving the growing cannabis industry,” said Senator Merkley

 

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