63% Of Americans Support Cannabis Banking Reform Amid Congressional Push: American Bankers Association

The latest American Bankers Association (ABA) poll shows that roughly two-thirds of Americans (63%) support allowing cannabis companies full access to banking services, with only 17% in opposition, signaling a clear public mandate for Congress to reconcile state and federal law discrepancies concerning cannabis banking.

This latest data shows a significant increase in support for legislation, including the Secure and Fair Enforcement (SAFER) Banking Act. This legislation would protect financial institutions that service state-licensed cannabis businesses from federal penalties.

Meet The Congressman Behind SAFE Banking At Upcoming Benzinga Conference

Ed Perlmutter, who served eight terms in the House of Representatives, has been at the forefront of cannabis banking reform for years as the lead sponsor of SAFER Banking. Despite having retired from Congress, Perlmutter told Benzinga at its September 2023 Cannabis Capital Conference in Chicago that he is hopeful that cannabis banking and rescheduling will occur in 2024.  

Perlmutter is back as a guest speaker at the upcoming Benzinga Cannabis Capital Conference on April 16-17 in Hollywood, Florida.

Three In Five Americans Want Cannabis Banking Reform

The results of the ABA survey show a significant increase in support from a 2022 ABA survey, where 66% of people supported some form of marijuana banking reform.

"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," said ABA president Rob Nichols in a press release.

These latest statistics coincide with the mounting pressure for Congress to finalize the SAFER Banking Act, following its Senate Banking Committee approval in August 2023. The bill, in the works for nearly a decade, would enable legal cannabis businesses access to banks and financial institutions, which have been off-limits to them all these years. Lawmakers are expected to integrate the Banking Act into the fiscal year's appropriations legislation, paving the way for substantial cannabis banking reform.

Cannabis banking will be among the hottest topics on the docket at the upcoming Benzinga Cannabis Capital Conference in Florida on April 16-17, 2024. The two-day event at The Diplomat Beach Resort in Hollywood, FLA is a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world. Get your tickets now on bzcannabis.com – Prices will increase soon!

Image: Benzinga edit with photo from Shutterstock