U.S. Mayors Conference Asks Congress To Protect Legal Marijuana Businesses By Supporting Access To Banking

During its 90th annual meeting, the U.S. Conference of Mayors approved a resolution demanding that Congress pass a bill to safeguard banks that work with state-legal marijuana businesses, reported Marijuana Moment.

The proposal focused on marijuana banking reform. The Conference also expressed its support for the bipartisan Secure and Fair Enforcement (SAFE) Banking Act, which would give cannabis companies normalized access to banking and financial services and allow dispensaries to accept credit cards. The SAFE Act passed in the U.S. House six times but has never made it to the upper chamber. 

The Mayors' resolution represents 1,400 U.S. cities with populations of 30,000 or more.

“The conflict between state law and the illegality of cannabis under federal law creates significant challenges and barriers for legally-owned and operated recreational and medical cannabis dispensaries and cannabis-related companies,” reads a section of the measure.

According to the resolution, representatives from the Credit Union National Association (CUNA) stated that one in every two cannabis dispensaries has been robbed or burglarized leaving workers vulnerable to violence, with the total value of stolen goods in a single theft totaling on average between $20,000 and $50,000. “The frequency of these burglaries and robberies has increased and become more volatile in nature, resulting in severe injuries and even death to employees and posing a public safety threat to communities across the country,” the resolution reads.

Image by El Planteo