WASHINGTON, D.C. –Today, U.S. Senator Jacky Rosen (D-NV), a member of the Committee on Small Business & Entrepreneurship, announced her co-sponsorship of the Secure and Fair Enforcement (SAFE) Banking Act of 2019. The bipartisan bill would allow banking access to licensed cannabis businesses operating in states that have legalized the sale of marijuana, including Nevada.
“Nevada’s marijuana businesses are continuing to operate as cash-only businesses as a result of federal laws blocking access to financial institutions and services, leaving many of these businesses susceptible to theft.” said Senator Rosen. “The SAFE Banking Act will allow our new industry to continue to grow and gain the same access to financial institutions as any other legal business. I will continue to be an advocate for our thriving cannabis industry and work to give these businesses the tools they need to continue to invest in our communities.”
BACKGROUND: Last Congress, then-Congresswoman Rosen co-sponsored the Small Business Tax Equity Act, so that marijuana businesses in compliance with their respective state’s law could make use of small business-related tax deductions and credits.