, a bill that would open up banking, loans and other financial services to cannabis businesses. To learn more about the SAFE Banking Act and the obstacles in its way, we caught up with US Cannabis Council CEO Steven Hawkins.Forms of cannabis banking legislation have passed several times in the House, but can't get a hearing in the Senate.
If you had to put it in percentages, what are the chances that the SAFE Banking Act is passed by both the House and Senate before the end of the year? Do midterm elections play a factor in all of this? But it is critical that the Senate pass the SAFE Banking Act. With each passing day, we see more armed robberies at dispensaries. As major new cannabis markets come on line in the months ahead, including New York, not having access to banking services will put cannabis operators and employees in harm’s way. That is why the US Cannabis Council is working hard to ensure passage this year.
I’ve been encouraged by the latest signs from Capitol Hill. Senators Schumer, Booker and Wyden have introduced a historic comprehensive reform bill and kicked off a national conversation about cannabis legalization. At the same time, they acknowledge there is a narrow window for advancing cannabis reform this session and appear ready to get down to brass tacks.