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VIDEO: Capitol Hill Update On Cannabis Banking Hearing In Congressional Committee

Every day, our Government Relations team is keeping our finger on the pulse of what’s happening on the Hill and how it affects our industry. In this case, we have important news from D.C. about movement to fix the banking crisis faced by cannabis industry operators.

Watch this video to learn more about the historic hearing that took place on February 13 in the Subcommittee on Consumer Protection and Financial Institutions. They held the first ever hearing on marijuana and financial services, entitled: Challenges and Solutions: Access to Banking Services for Cannabis-Related Businesses. Up for discussion was a new version of the Secure and Fair Enforcement (SAFE) Banking Act.


There’s no better way to stay informed and connected with what’s happening in federal policy than by being a member of NCIA – the largest and most influential national trade association representing the legal cannabis industry. We fight on your behalf year-round in the halls of Congress for our industry to be treated fairly like any other legitimate industry in this country.

Be sure to register in advance for our popular Cannabis Caucus event series – tickets are complimentary for NCIA members, and a limited number of non-member tickets are available. Join us throughout the month of March in Los Angeles, San Francisco, Denver, Lansing, and Philadelphia. For more information, visit our website.

And now is the time to start planning your trip to Washington, D.C. to join us on Capitol Hill! For the 9th year in a row, we’re hosting our Annual Cannabis Industry Lobby Days on May 21-23. This is your chance to walk the halls of Congress and make your voice heard about the unfair tax and banking policies that cripple our industry. This event is exclusively for current NCIA members, so if you’d like to join us for what NCIA members say is “the most important and exciting NCIA event of the year,” then now is the time to join NCIA at one of our three levels of membership, and then join us in May in our nation’s capitol.

If you’re already planning to join us, now is a perfect time to read up on our latest Policy Council report to learn more about priorities for our industry in the 116th Congress.

VIDEO: NCIA Submits Testimony At U.S. House Committee On Financial Services

Last week, as NCIA wrapped up another successful Seed to Sale Show, we were vigilantly preparing for a historic hearing about the issue of cannabis banking and the SAFE Banking Act. This is an incredible milestone for our industry. If this bill passes, it would allow marijuana-related businesses in states with existing regulatory structures to access the banking system.

The Consumer Protection and Financial Institutions Subcommittee of the U.S. House Committee on Financial Services held this historic hearing about a draft bill that provides safe banking services for legal cannabis businesses. This was the first Committee hearing on stand-alone legislation that is a priority for our industry. Learn more about the hearing from NCIA’s Aaron Smith.

 

Read NCIA’s Executive Director and Co-Founder, Aaron Smith’s official testimony here.

To find out more about what NCIA is doing to support this bill and other legislative priorities, join us at a Cannabis Caucus event near you!

Watch the First-Ever Congressional Hearing on Cannabis Banking

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:

  1. Watch the hearing LIVE  here
  2. Share this video that explains the banking crisis in detail and tag your Congressional Representative. Use the hashtag #CannaBanking.
  3. 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.

 

 

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