LAS VEGAS, NV — Today, U.S. Senator Jacky Rosen (D-NV) hosted a roundtable with local marijuana businesses, where she discussed her recent efforts to support economic growth and heard from Nevada’s legally-operating marijuana businesses about the importance of access to banking and other financial services.
“While our state has benefitted from the new businesses, additional jobs, and increased tax revenue from the legalization and regulation of marijuana, businesses are still being held back by federal laws that block access to financial institutions and services,” said Senator Rosen. “I co-sponsored the SAFE Banking Act to continue supporting the growth of our state’s marijuana businesses.”
“We appreciate Senator Rosen’s legislative support in working to get our businesses access to financial services,” said John Ritter, Board Member of the Nevada Dispensary Association. “We’re grateful to Senator Rosen for championing this issue in Congress, and working to protect new business and revenue for our state.”
BACKGROUND: Earlier this year, Senator Rosen helped introduce 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.
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.