Cannabis Banking Access a Part of U.S. House Coronavirus Stimulus Bill

The coronavirus pandemic has placed a strain on the United States economy that hasn’t been seen since the Great Depression. Unemployment has skyrocketed, and even as businesses start opening back up, there’s no guarantee that customers are going to have the money to shop like they used to or are going to be willing to risk COVID-19 infection by venturing into public spaces as much. Cannabis businesses, deemed essential in legal states across the nation, have been doing good sales numbers, but the many arbitrary obstacles that have stifled the industry remain.

One of the major issues, banking access, could be addressed in the next coronavirus stimulus bill, as Marijuana Moment reports:

House leadership unveiled a coronavirus relief bill on Tuesday that includes provisions to protect banks that service marijuana businesses from being penalized by federal regulators.

Advocates, stakeholders and lawmakers have been pushing for some form of cannabis reform to be inserted into COVID-19 legislation. And this round, they were successful, with the language of the Secure and Fair Enforcement (SAFE) Banking Act making the cut.

Rep. Ed Perlmutter (D-CO), chief sponsor of the standalone bill that is being included in the new broad package, previously raised the issue in a Democratic Caucus meeting and said Speaker Nancy Pelosi (D-CA) supported it.

With national politics being what is is today, there’s no telling if the cannabis banking language will remain in the legislation, or if another coronavirus relief bill will even get passed, but this is a good step in the right direction for the cannabis industry. The lack of ordinary banking services impacts not only cannabis businesses like Kind Leaf, but all of their vendors and employees.

The extra fees and costs then ultimately increase the prices that patients and customers pay. Please contact your representative and then spread the word and have your friends and family do the same. Whether you support cannabis businesses or not, everyone should support their access to ordinary banking services to improve community safety and the ability to pay taxes efficiently.

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