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Cannabis Industry and Banking Leaders to Host Briefing on SAFE Banking Act

National Cannabis Industry Association will be joined by financial services experts and bill sponsor to discuss need for legislation to allow financial institutions to work with legal cannabis businesses

 

WASHINGTON, D.C. – On Tuesday, May 21, the National Cannabis Industry Association (NCIA) will host a legislative briefing on H.R. 1595: The Secure and Fair Enforcement (SAFE) Banking Act. This legislation would protect financial institutions which want to work with cannabis businesses that are in compliance with state laws and address the public safety and transparency issues caused by the lack of banking access in the cannabis industry. The briefing will take place in Room 1539 of the Longworth House Office Building at 10:00 a.m. EST tomorrow (Tuesday).

Speakers include: bill sponsor Rep. Ed Perlmutter (D-CO); Michelle Rutter, government relations manager for NCIA; Tanner Daniel, vice president of the American Banking Association; Becky Dansky, executive director of the Safe and Responsible Banking Alliance; and Gail Rand, chief financial officer for ForwardGro, the first of 15 companies licensed to cultivate cannabis in Maryland.

The SAFE Banking Act currently has 182 cosponsors in the House and was approved in a bipartisan vote by the House Financial Services Committee in March. It is expected to go before the full House for a vote in the near future. The Senate version, S. 1200, was introduced in April and currently has 27 cosponsors.

A growing number of organizations have come out in support of the SAFE Banking Act, including the American Bankers Association, the Credit Union National Association, and the Independent Community Bankers of America. In early May, a bipartisan group of attorneys general from 38 states and territories sent a letter to Congress urging lawmakers to pass this legislation, and the National Association of State Treasurers endorsed the bill last week.

WHAT: Congressional briefing on H.R. 1595: The Secure and Fair Enforcement (SAFE) Banking Act, and improving access to financial services for the legal cannabis industry

WHEN: Tuesday, May 21 at 10 a.m. EST

WHERE: Longworth House Office Building, Room 1539, 1 Independence Ave. SE, Washington, D.C.

WHO: Rep. Ed Perlmutter

Michelle Rutter, National Cannabis Industry Association

Tanner Daniel, American Bankers Association

Becky Dansky, Safe and Responsible Banking Alliance

Gail Rand, ForwardGro

 

The National Cannabis Industry Association (NCIA) is the largest cannabis trade association in the U.S. and the only organization broadly representing cannabis-related businesses at the national level. NCIA promotes the growth of a responsible and legitimate cannabis industry and works toward a favorable social, economic, and legal environment for that industry in the United States.

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