Industry leaders react to SAFE Banking Act leaving House

Yesterday, for the first time, House members passed a piece of cannabis reform legislation by a 2 to 1 margin. The marijuana banking bill was approved to be sent to the Senate 321 to 103. For a litany of reasons this is a landmark statement. Industry professionals were vocal in their support.

“We are encouraged by today’s historic vote in the U.S. House of Representatives on H.B. 1595, the SAFE Banking Act, particularly as it relates to the hemp and CBD industries. The bill, if enacted, would provide protections for banks conducting business with hemp- and CBD- related businesses. The bill would open doors to tremendous opportunities for these nascent industries – from the farmer to the processor to the retailer — that have, to date, encountered reluctance from financial institutions to engage in financial transactions despite the passage of the 2018 Farm Bill. We are grateful for the broad, bi-partisan support from the House and urge lawmakers to vote in favor of the SAFE Banking Act as the bill progresses through the Senate.”  – Pieter Sikkel, President, CEO & Chairman, Pyxus International, Inc.

“The historic passage of the SAFE Banking Act by the U.S. House of Representatives is an important first step in the process toward normalizing the cannabis industry’s ability to transact. If ratified, the bill will increase the safety of our operations for our patients, customers and employees by reducing the reliance on cash and promoting transparency. This is incredibly important legislation for an industry that represents approximately $50 billion in sales per year and is expected to grow to $80 billion in sales by 2030, according to Cowen. In addition to normalizing the industry, the bill also provides more access to capital for cannabis businesses of all sizes, which will support social equity in our industry. We applaud the members of the House for their leadership in passing this important bill with bipartisan support and look forward to gaining support in the Senate.”  – Curaleaf CEO Joseph Lusardi

“We are extremely uplifted by the House vote on the SAFE Banking Act, but there is still work to be done. The Senate needs to swiftly act to adopt similar banking protections. In addition, Congress needs to approve the Marijuana Opportunity Reinvestment and Expungement Act that would start to repair the damage done by the decades of prohibition.” – Andrew Berman, CEO of Harborside