Many financial institutions are still hesitant to bank the legal cannabis industry due to fear of running afoul of federal money laundering laws. For years, many legal, compliant cannabis businesses have been forced to operate on an all-cash basis, causing a headache for regulators and a public safety risk for cannabis industry workers across the country.
Today, the Consumer Protection and Financial Institutions Subcommittee of the U.S. House Committee on Financial Services will hold a hearing about a draft bill that provides safe banking services for legal cannabis businesses. This is the first Committee hearing on stand-alone legislation that is a priority for our industry. The hearing, “Challenges and Solutions: Access to Banking Services for Cannabis-Related Business,” is scheduled for Wednesday, February 13 at 2:00pm ET.
Read NCIA’s Executive Director and Co-Founder, Aaron Smith’s official testimony here.
Here’s how you can take action:
- Watch the hearing LIVE here
- Share this video that explains the banking crisis in detail and tag your Congressional Representative. Use the hashtag #CannaBanking.
- Connect with NCIA and your industry peers by registering for these upcoming Cannabis Caucus Events in March. Exclusively for NCIA Members and their guests, join us to learn about regional issues from influential guest speakers, and get the latest insider insights into NCIA’s federal policy work.