ETA Sends Letter of Support to House Leadership Ahead of SAFE Banking Act Vote

In anticipation of the SAFE Banking Act being brought to the House floor for a vote, ETA provided House Leadership with a letter of support for this bipartisan legislation.

ETA takes no position on legalizing or decriminalizing marijuana at the state or federal level for medicinal or recreational uses. However, ETA does support legislation that would resolve the conflict between state and federal laws to allow financial institutions to serve marijuana related businesses in states where these businesses are legal under state law.

The conflict between state and federal laws forces businesses to operate on a cash-only basis and has created significant legal and compliance concerns for financial institutions that wish to provide banking services to cannabis related businesses in states where it is currently legal. The SAFE Banking Act would allow legitimate cannabis businesses to access the safety and security of the banking ecosystem in states that have legalized cannabis. Having access to the banking system makes it easier for businesses to track revenues for taxation purposes, decreases a public safety threat as cash intensive businesses are often targets for criminal activity, and allows proper tracking of finances for BSA/AML compliance.

Read ETA’s letter here.