Oregon Senator Jeff Merkley spoke in support of the bipartisan SAFE Banking Act at a Senate Committee on Banking, Housing, and Urban Affairs Committee hearing titled, “Examining Cannabis Banking Challenges of Small Businesses and Workers” on May 11, 2023.
Senator Merkley and Montana Senator Steve Daines introduced the SAFE Banking Act to make sure that legal cannabis businesses can access the banking and financial services they need to keep their businesses, employees, and communities safe. Currently, most legal cannabis businesses—and many of the businesses that they work with—are forced to operate in all cash because of banks’ fears that they could be at risk for federal prosecution. The SAFE Banking Act of 2023 includes expanded equity provisions, including safe harbor for CDFIs and MDIs. Senator Merkley is also working to pair this bill with funding for states that will expunge cannabis records as part of the final passage.
Read more about the SAFE Banking Act of 2023: https://www.merkley.senate.gov/merkley-daines-joyce-blumenauer-introduce-safe-banking-act-to-improve-community-safety-and-banking-access-for-legal-cannabis-businesses/