A key U.S. Senate committee convened on Thursday to discuss marijuana banking issues and bipartisan legislation that seeks to resolve the industry’s unique financial challenges.
Members of the Senate Banking Committee didn’t take any votes at the hearing, which was titled “Examining Cannabis Banking Challenges of Small Businesses and Workers,” but a focal point was the Secure and Fair Enforcement (SAFE) Banking Act.
Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT) refiled the measure last month, and they were among those who testified at the committee hearing.
Other witnesses included representatives of the Cannabis Regulators of Color Coalition (CRCC), United Food and Commercial Workers International Union (UFCW), Dama Financial and Smart Approaches To Marijuana (SAM).
“The cannabis landscape looks far different than it did a few short years ago,” Banking Committee Chairman Sherrod Brown (D-OH) said in opening remarks. “Cannabis has been legalized or decriminalized in almost every state. States and localities have established licensing and social equity programs to ensure that small businesses and communities impacted by the War on Drugs are part of the growing legal cannabis industry.”
“Banking, of course, is critical for small cannabis businesses who already face hurdles getting their businesses off the ground,” he
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