Washington, D.C. – The Minority Cannabis Business Association (MCBA) applauds the inclusion of the Secure and Fair Banking Act (SAFE) in the National Defense Authorization Act (NDAA). MCBA and our members across the country will continue to impress upon Congressional leaders the urgent need to pass SAFE Banking before it’s too late. SAFE would not only address ongoing safety concerns and provide much needed relief to small and minority-owned cannabis businesses, but SAFE would represent a big step on a long journey towards equitable and sensible cannabis policy.
Access to core financial services is a basic necessity for any small business. By making it easier for financial institutions to offer financial and banking services to cannabis businesses, we are providing entrepreneurs pathways to access capital to build and scale their business and lowering crimes of opportunity that flourish in this largely cash-based industry.
The U.S. cannabis market is expected to reach $45 billion by 2025. Larger cannabis firms easily access banks willing to take the risk for the large return. Large firms have access to private equity and international investors. Without access to basic financial services, small cannabis businesses cannot sustain, let alone compete.
We are running out of time to pass SAFE. No longer can Congress ignore the urgent need for federal cannabis banking reform in protecting small cannabis businesses from extinction. We urge the U.S. House of Representatives and Senate to pass the SAFE Banking Act in the NDAA to provide desperately needed relief to communities and small, minority, women, and veteran-owned businesses.
We again thank Congressman Perlmutter (D-CO) for his continued courage and leadership on this issue and will fight alongside him to see SAFE passed this Congress.