The Conference of State Banking Supervisors (CSBS) is urging Congress to pass legislation that would allow cannabis multi-state operators to do business with the U.S. Financial system to provide clarity to the banking industry and address public safety concerns.
In letters sent to top House and Senate leaders, CSBS asks that the SAFE Banking Act be kept in the conference agreement of the America COMPETES Act to provide safe harbor for financial institutions.
“Enacting the SAFE Banking Act would also support economic development in states that have legalized cannabis, while enhancing safety for industry employees and the public alike,” the letters state. “Tax collection, consumers and the financial system will remain at risk until financial institutions can serve the industry without concern of violating federal law.”
Multi-state operators: Cresco Labs (OTCQX:CRLBF); Columbia Care (OTCQX:CCHWF); Trulieve Cannabis (OTCQX:TCNNF); Green Thumb Industries (OTCQX:GTBIF); Curaleaf Holdings (OTCPK:CURLF); MedMen Enterprises (OTCQB:MMNFF); Acreage Holdings (OTCQX:ACRHF); Ayr Wellness (OTCQX:AYRWF); Verano Holdings (OTCQX:VRNOF); and Jushi Holdings (OTCQX:JUSHF).
Earlier in May, Rep. Earl Blumenauer (D-Ore.), the main backer of the SAFE Banking Act, said there is “tremendous momentum” to get the legislation passed.