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Financial associations and labor groups sent Senate letter

US: More support for the SAFE Act

By now, the Secure and Fair Enforcement (SAFE) Banking Act is well-known in the cannabis sector. Many cannabis businesses face troubles with getting loans, for example, because banks will not work with them. The reason for this is that, while cannabis might be legal at state level, it is not so at federal level. The SAFE Act could solve this problem.

Many sectors recognize the benefits the SAFE Act could bring, and many voice their support. On November 30th, senate leadership received yet another letter in support of the Act, this time from financial associations and labor groups.

The American Bankers Association (ABA), Credit Union National Association (CUNA), United Food and Commercial Workers Union (UFCW), and 11 other organizations sent the letter on November 30th, imploring members to adopt language protecting banks that work with state-legal cannabis businesses in the National Defense Authorization Act (NDAA).

“Our organizations have banded together because the status quo is untenable for workers, communities, ancillary businesses, and law-abiding financial institutions,” the new letter states. They added that enacting the banking reform would “also provide legitimate businesses with access to necessary insurance products and protections that are afforded to other businesses.”

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