US (NJ): Minority cannabis owners say federal banking bill should pass even without social justice provisions

To get banking services for her cannabis delivery business, Precious Osage-Erese, chief operating officer of Roll Up Life in East Orange, said she has to drive two hours to the only financial institution that will help her.

The reason for this is that most federally regulated banks do not want anything to do with the budding cannabis industry, which, while legal in New Jersey and other states, remains illegal under federal law. “Imagine if I can go to my local bank and just do regular transactions,” Osage-Erese said on a Zoom conference call held by the U.S. Cannabis Council. “We just need a start.”

Osage-Erese was one of several minority cannabis business owners urging Congress to pass the Secure and Fair Enforcement, or SAFE, Banking Act, which would let banks offer credit cards, checking accounts, and other financial services to legal weed businesses.

Rep. Ed Perlmutter, D-Colo., the banking bill’s chief sponsor, urged that the banking provision be included in the final defense bill. “By including the SAFE Banking Act in the final NDAA, we can safeguard our financial system, reduce the public safety risk in our communities, and help support veteran- and minority-owned businesses now,” Perlmutter said.

Read more at nj.com


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