WASHINGTON, DC — U.S. Senator Jacky Rosen (D-NV) helped introduce the bipartisan Secure and Fair Enforcement Regulation (SAFER) Banking Act to ensure that legal cannabis businesses have access to banking and insurance services, making communities safer and expanding economic opportunities. Currently, Nevada’s legal cannabis businesses are denied access to traditional and secure banking systems and financial services due to ongoing federal restrictions on cannabis. Without access to these banking services, cannabis businesses are forced to operate as cash-only businesses, keeping large volumes of cash on their premises, frequently making these businesses a target for criminals.
“Legal cannabis businesses in Nevada have created thousands of jobs and brought in millions of dollars in revenue to our state. However, these businesses are frequently targets for crime due to outdated federal laws that prevent access to banking services,” said Senator Rosen. “I’m working across the aisle to help Nevada’s legal cannabis businesses access much-needed banking and financial services, supporting small businesses and keeping our communities safer in the process.
Senator Rosen has been a strong advocate for commonsense cannabis reform in Congress. This month, she applauded the Department of Health and Human Services’ recommendation of easing marijuana restrictions, an important step towards rescheduling cannabis. Earlier this year, Rosen helped introduce the SAFE Banking Act — predecessor to this new legislation. Last Congress, Senator Rosen introduced the Fair Access for Cannabis Small Business Act to ensure that legally operating cannabis small businesses have access to loans and programs provided by the Small Business Administration.