Senate Banking Committee Hearing Dives into Canna Banking Issues

This is the first time proposed federal legislation aimed at resolving some of those issues, received a Senate hearing.

Of note:

Sen. Jeff Merkley (D-OR), who is cosponsoring SAFE, noted Oregon took in $80 million in taxes from legal marijuana -related businesses in FY 2018, but due to the dangerous high-cash environment, “that’s $80 million traveling down the roads and highways n duffle bags and backpacks.”

Rachel Pross, Chief Risk Officer at Salem, Oregon-based Maps Credit Union, told the committee about her credit unions’ work to serve 500 canna-related accounts. Pross noted Maps is “on track to remove over $860 million in cash from the sidewalks of Oregon’s communities, in just three years’ time.”

“We need Congress to provide financial institutions that choose to serve state-sanctioned cannabis businesses with a safe harbor,” Pross said.

 

 

Posted in Advocacy on the Move.