NAR Letter to Senators Merkley and Daines, and Representatives Joyce and Blumenauer Regarding SAFE Banking Act

On May 4 NAR sent a letter to Senators Merkley and Daines, and Representatives Joyce and Blumenauer.

 

This bipartisan Secure and Fair Enforcement (SAFE) Banking Act provides a clear framework for cannabis businesses and those who provide services to them to access financial services. As more states legalize cannabis use, its economic impact increases, with more than $10 billion in sales and $1 billion in state tax revenue already recorded. However, the barriers keeping these state-legal businesses from accessing federally-insured banks can impede their ability to grow while raising safety issues in their communities. 

 

The SAFE Banking Act takes an important step toward enabling financial services for legitimate cannabis-related businesses by specifying that their proceeds will not be considered unlawful under federal money laundering laws, thus allowing these businesses access to federally-insured banking institutions.