GOP Sen. Daines Wants Cannabis Banking Approved: Releases Ad With CEO Of Montana Bankers Association

Senator Steve Daines (R-MT) continues to fight for cannabis companies to have access to banking services via the Secure and Fair Enforcement (SAFE) Banking Act, which has been approved by the House several times already. The GOP Senator released a video ad on Monday in which Cary Hegreberg, the CEO of the Montana Bankers Association shared his thought on the benefits of the proposed legislation. 

“Banks are really the lifeblood of virtually every community in Montana,” Hegreberg said in the video. “It’s going to be very difficult, unless the SAFE Banking Act passes, for marijuana-related businesses to actually set up accounts and do financial transactions in the way most of us do.”

“I do want to make it really clear that the banking industry does not condone the marijuana law. Fact of the matter is we formally opposed the ballot measure,” he continued. Despite cannabis being legal in his state, it is “still illegal for a bank technically to accept deposits from marijuana-related businesses.”

“The SAFE Banking Act, which Senator Daines is sponsoring, would go a long way toward helping banks understand what the rules are. We’re very grateful to Senator Daines for his efforts to help clarify what financial institutions, notable banks, can and can’t do as it relates to cannabis.”

When Daines introduced a bipartisan bill, (SAFE) Banking Act, more than a year ago, he stated “Montana businesses shouldn't have to operate in all-cash—they should have a safe way to conduct business,” Daines said. “My bipartisan bill will provide needed certainty for legal Montana cannabis businesses and give them the ability to freely use banks, credit unions and other financial institutions without the fear of punishment. This in turn will help increase public safety, reduce crime, support Montana small businesses, create jobs and boost local economies. A win-win for all.”

Recent Efforts On SAFE Banking Act 

The bipartisan duo of Colorado AG Philip Weiser (D) and his Ohio counterpart Dave Yost (R) sent a letter in April to U.S. Senate leadership demanding the passage of the SAFE banking bill.

Some industry experts believe the bill has a better chance of passing the Senate than the MORE Act, which would remove cannabis from the Controlled Substances list and allow states to legalize its production and sale free from federal interference.

Weiser and Yost, co-chairs of the National Association of Attorneys General (NAAG) Federalism Committee, said that “states and federal government share a strong and common interest in protecting public safety and bringing grey market financial activities into the regulated banking sector.”

On the heels of this move, the bill's sponsor Rep. Ed Perlmutter (D-CO) also issued a letter to Senate leadership urging the same action.

Perlmutter suggested that passing the SAFE Banking Act, aside from being a priority on its own, would also serve as a legislative “icebreaker” for broader reform.

In May, Daines said he believed other members of the GOP could also get on board.

“We’ve got nine Republican co-sponsors officially on it, close to 50 Democrats,” Daines said. “There are some other Republicans that I’m confident if we had a vote, would vote for it. So, we’ve got the votes to pass the SAFE Banking Act as a standalone, if we’d like to.”

In the meantime, 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. The proposal focused on banking reform. The Conference also expressed its support for the SAFE Banking Act.

Photo: Courtesy of Wikimedia Commons