A coalition of marijuana advocacy groups is asking that a bipartisan marijuana banking bill be expanded to include provisions ensuring that cannabis businesses have access to all forms of financial services—including the ability to be listed on senior U.S. stock exchanges.
In a letter sent to Senate Banking Committee leadership on Thursday, the coalition SAFE Banking for Equity said that it appreciates that the panel is “treating this issue with the urgency it demands” by holding a hearing focused on cannabis industry financial barriers last week.
But the groups—which include California Minority Alliance, Minorities for Medical Marijuana, Women Grow and National Hispanic Cannabis Council—also said that it was important that the standalone Secure and Fair Enforcement (SAFE) Banking Act be amended in a fairly significant way that may be a bridge too far for certain advocates focused on comprehensive legalization.
As it stands, the SAFE Banking Act would protect banks that work with state-licensed marijuana businesses and certain depository institutions from being penalized by federal regulators.
What the coalition is asking for is a broader safety net that would free up industry access to “all regulated financial institutions and services, including depository services, lenders, debt and equity financing, capital markets
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