Incoming Senate Banking Committee Chairman Senator Pat Toomey (R-PA) is open to supporting legislation that would provide cannabis businesses with access to banking services, according to recent reports in Politico.
“I am sympathetic to the idea that people who are involved in [the] cannabis industry — in an entirely legal fashion, in the state in which they operate — ought to be able to have ordinary banking services,” Toomey said. “That’s my starting point, and then there’s a lot of details to work out, but I am open to that.”
“We are encouraged by Senator Toomey’s words and look forward to working with him and the Senate Banking Committee. It’s clear that cannabis reform can cross party lines and lead to sound, modern approaches to unlocking the industry’s potential,” said Kim Rivers, NCR second vice chair, and chief executive officer of Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF)
Providing access to banking services for cannabis companies has broad support among elected officials and policymakers and the SAFE Banking Act passed the U.S. House of Representatives last year with bipartisan support.
National Cannabis Roundtable
The National Cannabis Roundtable promotes common sense federal regulation, tax equality and financial services reform and supports changing federal law to acknowledge states’ rights to regulate and manage cannabis policy. The membership of NCR represents every aspect of the cannabis supply chain. Our members operate in states with legal cannabis programs, including the District of Columbia. We are growers, processors, retailers, wellness centers, investors, entrepreneurs, and publicly traded companies. Learn more at www.nationalcannabisroundtable.org.