Poll: Majority Of Americans Support Cannabis Banking Reform And Are Happy With Their Banks

A new survey conducted by Morning Consult on behalf of the American Bankers Association (ABA) from September 20-22, 2023 revealed that the majority of Americans are in favor of Congress passing a marijuana banking bill and are pleased with their banks.

The cannabis banking bill, or the SAFER Act, would provide federally regulated banks and credit unions with the legal cover to service marijuana businesses. Without it, most financial institutions avoid doing business with cannabis operators because of marijuana’s status as a Schedule 1 substance.

The survey was conducted online and the data were weighted to approximate a target sample of 2,211 adults based on age, race/ethnicity, gender, educational attainment and region. 

“This new survey shows that Americans remain happy with their bank and its ability to meet their evolving financial needs,” Rob Nichols, ABA president and CEO said in a statement. “The results also speak to the highly competitive financial services marketplace, which ensures that consumers can pick and choose the banking products and services they want from a wide array of providers.”

See Also: BREAKING: Senate Committee Approves Cannabis Banking Reform In Historic Vote

Cannabis Banking 

Asked if they support or oppose Congress passing legislation that allows marijuana businesses to have access to banking services and financial products in states where cannabis is legal, 28% expressed strong support and 27% somewhat support. 

This means that some 55% agree that Congress should pass the SAFER Act. The percentage indicates a decline in support, as last year’s survey showed 66% of people were in favor of the measure. The rest either opposes it strongly (11%) or somewhat (12%) and as many as 23% don’t have an opinion on it.

“In the wake of the recent Senate Banking Committee vote to advance the SAFER Banking Act, this new data indicates that Americans believe Congress should end the ongoing conflict between state and federal law on cannabis banking issues by passing this urgently needed, bipartisan legislation that will enhance public safety,” Nichols stated.

See Also: Survey Reveals Congressional Staffers' Doubts On Fate Of 2023 Cannabis Banking Bill

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