Cannabis News of Note for the Week:
Politico Pro Cannabis (3/22): Yellen Welcomes Cannabis Banking Legislation (paywalled newsletter, text below)
Marijuana Moment: Schumer Circulates Petition For Marijuana Banking Bill As Pressure Builds For Vote
Cannabis Wire Daily (3/22): ABA survey: consumers want Congress to tackle cannabis banking (paywalled newsletter, text below)
Politico Pro Cannabis (3/20/24): Bankers Struggle to Win Over Republicans on SAFER (paywalled newsletter, text below)
Cannabis Reports of Note for the Week:
PBC: Cannabis Banking Ecosystem 2024 Report
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Politico Pro Cannabis (3/22): Yellen Welcomes Cannabis Banking Legislation
Treasury Secretary Janet Yellen on Thursday said it would “be desirable” to have legislation that increases access to financial services for cannabis businesses. At a hearing before the House Appropriations Committee, Rep. Dave Joyce (R-Ohio) — lead sponsor of the bill — asked Yellen what she thought of the legislation. He noted that he asked former Treasury Secretary Steven Mnuchin a similar question.
“We would potentially welcome legislation in this area that would clarify for banks what their responsibilities are,” Yellen responded — adding that she thinks such legislation “may be necessary to raise the comfort level that banks have with doing this business.”
Joyce also asked Yellen if she thought the current situation is “untenable,” and Yellen replied that it was “a real problem” and “it would be desirable to have legislation that alleviated this problem.”
Also of note: Ranking Member Steny Hoyer (D-Md.) interrupted Joyce’s time to agree with the necessity of the SAFE Banking Act — and to uniquely explain his personal relationship with cannabis as “not a user nor a suggester of using.”
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Cannabis Wire Daily (3/22): ABA survey: consumers want Congress to tackle cannabis banking.
This week, the American Bankers Association released a consumer survey conducted by Morning Consult for the Association.
The results showed that 63% of respondents support Congress passing a bill that would open up access to banking for legal cannabis businesses, including checking accounts and business loans.
“Americans have made it clear that Congress should resolve the ongoing conflict between state and federal law on cannabis banking issues by passing legislation that will enhance public safety, tax collection and transparency,” Rob Nichols, ABA president and CEO, said in a statement.
It’s worth noting that ABA surveys have found such support for reform in the past, and ABA is a loud supporter of cannabis banking.
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Politico Pro Cannabis (3/20/24): BANKERS STRUGGLE TO WIN OVER REPUBLICANS ON SAFER
American Bankers Association’s top lobbyist, Kirsten Sutton, said Tuesday that the industry is encountering GOP resistance to cannabis banking legislation, POLITICO’s Eleanor Meuller reports.
“We have had some challenges with Republican offices who have concerns about legalization,” Sutton told House Majority Whip Tom Emmer on stage at ABA’s Washington summit. In addition to House Republicans, “we’ve got some other Republicans in the Senate that are not necessarily huge fans.”
Emmer, a longtime advocate for the bill, advised attendees to keep the focus on state laws — rather than the drug itself — in their conversations with lawmakers.
“I have a lot of concerns about this mind-altering substance,” Emmer said. But “like it or not, if your state has enacted laws creating this a legal entity that is legitimate, then our bankers should be allowed to bank it — that’s my belief, and I think that’s the approach.”