Credo Action

Tell Congress: Pass the Marijuana SAFE Banking Act

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The petition to Congress reads:

"Support the Marijuana SAFE Banking Act."

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    Tell Congress: Pass the Marijuana SAFE Banking Act

    Momentum is building to end marijuana prohibition once and for all.

    House Democrats recently reintroduced the Secure And Fair Enforcement (SAFE) Banking Act, a bill that would expand access to banking for legal cannabis businesses and move the fight for legalization one critical step forward.1

    The Marijuana SAFE Banking Act already has 152 cosponsors in the House, which is far more support than any previous standalone cannabis legislation has earned. Democrats on the House Financial Services Committee just advanced the bill.2 Now, it's up to us to keep the momentum going.

    Tell Congress: Expand access to banking for legal cannabis businesses.

    Twenty-five states have legalized medical marijuana and 10 have legalized recreational use. Yet many legal cannabis retailers still operate as cash businesses. Large cash reserves expose these businesses to robbery and theft. For Black and Brown cannabis entrepreneurs, who are policed more than their white counterparts, having large sums of cash on hand also exposes them to harassment and theft by law enforcement. Cases of police officers abusing civil asset forfeiture laws that allow them to seize — and then keep or sell — any property they allege is involved in a crime are pervasive in communities of color.3,4

    The SAFE Banking Act would protect and further legitimize cannabis businesses. It would prevent federal regulators from going after banks that service these retailers and expand much needed banking options for them.

    According to a recent CBS News poll, 65 percent of Americans support marijuana legalization, an all-time high.5 While the SAFE Banking Act doesn't end prohibition, it does move the fight for legalization forward by giving banks a green light to service this market, removing barriers that prevent cannabis entrepreneurs from growing their businesses and limiting their exposure to theft.

    Passing the SAFE Banking Act would set an important precedent that would open the door for other important marijuana reforms.

    Tell Congress: Expand access to banking for legal cannabis businesses.

    Thanks for speaking out.

    References

    1. Tom Angell, "Marijuana Banking Bill Approved By Congressional Committee," Forbes, March 28, 2019.
    2. Ibid.
    3. Scott Lemieux, "Police abused civil forfeiture laws for so long that the Supreme Court stepped in. But one ruling won't end it," CBS, Feb. 21, 2019.
    4. ACLU NorCal, "ACLU Report: Asset Forfeiture Takes Wealth from Communities of Color," March 19, 2016.
    5. Jennifer De Pinto, "Support for marijuana legalization hits new high, CBS News poll finds," CBS, April 19, 2019.