The SAFER Banking Act Would Ensure That Legal Cannabis Businesses Have Access To Banking And Insurance Services
WASHINGTON, DC – Today, the bipartisan Secure and Fair Enforcement Regulation (SAFER) Banking Act, which U.S. Senator Jacky Rosen (D-NV) helped introduce, advanced out of the Senate Banking Committee. This Rosen-backed legislation would ensure that legal cannabis businesses have access to banking and insurance services to make communities safer and expand 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.
“While Nevada has been regulating cannabis since 2017, legally operating cannabis businesses in our state still cannot access fundamental services like banking and insurance as a result of outdated federal policies,” said Senator Rosen. “I’m glad to see the bipartisan legislation I helped introduce to right this wrong and support legal cannabis businesses in Nevada has passed out of committee. I’ll always work across the aisle to advocate for this important industry for our state.”
Senator Rosen has been a strong advocate for commonsense cannabis reform in Congress. Last week, Senator Rosen helped introduce the Secure and Fair Enforcement Regulation (SAFER) Banking Act to ensure that legal cannabis businesses have access to banking and insurance services. She also applauded the Department of Health and Human Services’ recommendation of easing marijuana restrictions, an important step towards rescheduling cannabis. Earlier this year, Senator Rosen helped introduce the SAFE Banking Act — predecessor to the 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.