Cannabis banking co-sponsors in talks on compromise Senate bill

Lead co-sponsors of ICBA-advocated legislation to allow legal cannabis-related businesses to access banking services said they are working with key senators to advance the House-passed bill in the Senate.

Press Conference: Rep. Ed Perlmutter (D-Colo.) and Sen. Jeff Merkley (D-Ore.)—with the support of fellow co-sponsor Sen. Steve Daines (R-Mont.)—said they are working with Senate leaders to fully pass the ICBA-advocated SAFE Banking Act, which would establish a cannabis banking safe harbor in states where cannabis is legal.

Senate Negotiations: The lawmakers said they are negotiating an expanded version of the SAFE Banking Act to satisfy Senate Democrats who have introduced a broader bill to end federal cannabis prohibitions. Unlike the SAFE Banking Act, the broader bill lacks bipartisan support and is unlikely to pass the Senate—potentially paving the way for a compromise bill in the Senate.

ICBA Data: During the press conference, Perlmutter cited ICBA’s newly released poll showing two-thirds of voters (65%) support cannabis banking access. According to the poll conducted by Morning Consult:

• 71% agree that allowing banking access would help reduce the risk of robbery and assault at cannabis-related businesses.

• 63% agree that allowing these businesses to access the banking system would help improve public safety.

• 55% say that with some cannabis-related businesses owned and led by people of color, women, and the LGBTQ community, allowing for cannabis banking would help these underserved communities.

• 58% say a Senate vote on establishing a cannabis banking safe harbor is important.

Grassroots: Community bankers can use ICBA’s Be Heard grassroots action center to call on their senators to support the House-passed legislation.

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