The US Senate has Advanced a Landmark Bill for Cannabis Banking Access
A promising development unfolded in the Senate recently as a new bill aimed at granting the marijuana industry access to essential banking services gained momentum.
Known as the Secure and Fair Enforcement Regulation Banking Act, this bipartisan initiative was introduced by a group of senators recently. The primary objective of the bill is to extend legal protections to financial institutions, including banks, that choose to provide services to state-legal marijuana businesses.
In a notable move, the Senate Banking Committee voted in favor of advancing the bill, with a vote count of 14-9, propelling it closer to consideration by the full Senate.
Senator Jeff Merkley, a Democrat from Oregon and the leading sponsor of the bill, heralded this development as a “historic moment” and a shining example of meaningful bipartisan collaboration.
Merkley underscored the urgency of this legislation, highlighting the inherent risks associated with forcing legitimate businesses in the cannabis industry to operate solely with cash. Such a situation, he noted, creates an alarming vulnerability to criminal activities such as robberies, muggings, money laundering, and organized crime. He emphasized that the only beneficiaries of the current cash-based system are criminal elements.
In his statement, Senator Merkley expressed his unwavering commitment to fostering bipartisan support for the bill’s passage into law. His vision is clear: to eliminate the perilous cannabis cash economy and enhance public safety across the nation.
What is SAFER?
It’s worth noting that this bill is championed not only by Senator Merkley but also by a diverse group of lawmakers from both sides of the aisle, including Senator Steve Daines of Montana, Senator Kyrsten Sinema of Arizona, Senator Cynthia Lummis of Wyoming, and Majority Leader Chuck Schumer of New York. Their collective efforts reflect a growing consensus that addressing the banking challenges facing the cannabis industry is both essential and overdue.
As this critical legislation progresses through the Senate, it represents a significant step toward resolving a longstanding issue that has plagued the cannabis industry. By granting access to legitimate banking services, this bill has the potential to usher in a new era of safety, transparency, and growth within the legal cannabis sector, benefiting businesses, communities, and the broader economy.
The Canna CPAs can help you navigate the intricacies of cannabis accounting. Call today to find out more at 833-CPA-CANA or 833-272-2262—or simply email info@thecannacpas.com.
Sandy Suchoff, CPA is the Founder and principal of Lefstein-Suchoff, CPA & Associates, LLC D/B/A The Canna CPAs. Suchoff has been featured and interviewed on MSNBC, FOX News, and Tune In Business Talk Radio as a tax advisor, as well as ONR Oklahoma PBS TV, Chasing News on FOX & WOR, KRQE 13, Cannabis Radio, Purple Haze Radio, and Cannabis Tech & Today as an advisor on cannabis tax and accounting.
