NCSL Advocates for Safer Banking for the Cannabis Industry through the SAFER Banking Act

The National Conference of State Legislatures (NCSL), in a significant call to action, has expressed its support for the Safe Banking and Fair Compliance with Regulations Act of 2023, known as the SAFER Banking Act. This decision reflects a strong, bipartisan stance in favor of reforming the federal banking system to enable legal cannabis businesses to access the banking services necessary for their safe and sustainable operation.

To date, 47 states, along with the District of Columbia, the U.S. Virgin Islands, Guam, Puerto Rico, and the Northern Mariana Islands, have enacted some form of cannabis legalization. This fact, a reflection of each territory's sovereignty and prerogatives, demands respect from the federal government for these valid and appropriate political choices.

The ever-growing cannabis industry currently faces a legal dilemma: despite being a legitimate industry at the state level, it conflicts with federal cannabis laws. The SAFER Banking Act emerges as an essential solution to reconcile this discrepancy, allowing cannabis businesses to operate safely and efficiently.

Currently, the cannabis industry is forced to operate almost exclusively in cash, increasing the risk of theft, robbery, and other property crimes. This situation not only threatens the safety of business owners but also the safety of the communities in which they operate. The SAFER Banking Act, a bipartisan proposal, seeks to create a safer environment for cannabis businesses by allowing financial institutions to provide banking services to these legitimate enterprises.

The NCSL, representing the voices of the nation's state legislatures, territories, and possessions, is committed to providing more information on the impact of the SAFER Banking Act on the states and expresses its willingness to work together with the federal government to pass this momentous legislation.

This development marks a significant step toward resolving tensions between state and federal cannabis laws. The NCSL's support for the SAFER Banking Act illustrates the growing recognition of the need for reform that supports the safe and regulated flourishing of the cannabis industry. Ultimately, this is a call for change, a call for respect for states' sovereignty, and a call for the safety and prosperity of cannabis businesses nationwide, and above all, a call to eliminate the existing monopoly held by the only banking institution in Puerto Rico that accepts cannabis deposits and transactions.

Mr. Sens

@mrsenspr

HERE YOU CAN READ THE LETTER IN ENGLISH