Bonamici Praises Passage of Legislation that Allows Cannabis, Hemp Businesses to Access Financial Services
WASHINGTON, DC [9/25/19] – Today Congresswoman Suzanne Bonamici (D-OR) praised the House passage of legislation to provide cannabis and hemp businesses with access to financial services and products.
The SAFE Banking Act would allow state-licensed cannabis and hemp businesses to use banking services and products. Currently, federal law prohibits financial institutions from offering services to cannabis businesses, forcing them to conduct all of their business in cash.
"I’ve heard from individuals and businesses in Oregon who have serious concerns about their safety and the safety of their businesses and communities because they need to conduct their business in cash,” said Congresswoman Suzanne Bonamici. “These businesses are legal and shouldn’t be forced to operate under dangerous conditions. The SAFE Banking Act will finally put cannabis businesses on equal ground with other employers and provide greater safety to the people who work with them. I have long championed the legalization of hemp businesses and am pleased that this legislation also includes protections for them.”
In addition to providing access to banking services, the SAFE Banking Act includes provisions intended to reduce barriers for cannabis-related businesses that are owned by women or people of color. It also strengthens protections for workers compensation and other insurance products for those in the industry.