The NAACP’s board of directors approved a resolution on Thursday calling for the “immediate passage” of a bipartisan marijuana banking bill and expressing support for federally legalizing cannabis. And the vice chair of the group is specifically directing the message at Senate Majority Leader Chuck Schumer (D-NY), who has held up House-passed legislation on the issue.
The organization said that the banking reform is critical to ensuring industry equity, giving small- and minority-owned businesses access to financial services that could help them compete in an increasingly consolidated market.
And while NAACP backs more broadly ending marijuana prohibition, it wants Congress to leverage the bipartisan momentum behind incremental reform and quickly pass the Secure and Fair Enforcement (SAFE) Banking Act, which has cleared the House in some for seven times now.
As Vice Chair of the @NAACP Board of Directors, I support #SAFEBanking reform because state #cannabis legalization & related #equity programs designed to support Black entrepreneurs will not advance #racialjustice w/o providing cannabis businesses access to capital & bank accts.
— Karen Boykin-Towns (@KarenBTowns) October 20, 2022
“The SAFE Banking Act could enable cannabis businesses with social equity licenses, diverse ownership licenses, or other licenses made available by states
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