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Unsafe Banking & Cannabis: Prohibition and Its Negative Impact on Public Safety and Social Equity

On Thursday, Oct. 28, the U.S. Cannabis Council hosted a virtual briefing

called “UNSAFE Banking & Cannabis: The Real-Life Impact on Public Safety and Social Equity,” where speakers shared firsthand accounts of public safety and social equity challenges due to lack of banking access.

Discrepancies between federal and state laws discourage banks from serving the highly profitable and legal cannabis industry.

The Secure and Fair Enforcement (SAFE) Banking Act that would allow financial institutions to serve legal cannabis businesses, passed the U.S. House for the fifth time last September. The legislation has yet to make progress in the Senate, but the “UNSAFE Banking & Cannabis” panelists agreed that the bill would remove barriers to entry that have kept smaller and minority-owned businesses from growth, as well as eliminate some of the public safety concerns associated with an all-cash industry, reported Cannabis …

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