Wednesday, May 27, 2020

Attorneys General urge Congress to pass SAFE Banking Act

Posted By on Wed, May 27, 2020 at 1:00 AM

click to enlarge JESSICA KUHN
  • Jessica Kuhn

As cannabis-related businesses seek out funding or support from the next federal COVID-19 relief package, Colorado Attorney General Phil Weiser has joined forces with 34 other state and territorial attorneys general to urge Congress to pass the SAFE Banking Act, or similar measures, with the next relief package. 

The Secure and Fair Enforcement (SAFE) Banking Act would grant marijuana businesses access to the federal banking system. Currently, many legal marijuana businesses operate on a cash-only basis. 

“At a time when COVID-19 has exacerbated health and safety concerns related to cash exchanges,” said Weiser in a statement, “now more than ever it is vital Congress act on this point. We in Colorado will continue to be at the forefront of defending our businesses and their employees.”

The HEROES Act relief legislation, which the U.S. House approved last week, included the language of the SAFE Banking Act, which has bipartisan support.

Read the full letter at tinyurl.com/SAFECOVID

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