State Treasurer Pellicciotti Calls for Legal Cannabis Banking
State Treasurer Mike Pellicciotti today called on the U.S. Senate to pass HR 1996, the SAFE Banking Act of 2021, after it passed the U.S. House of Representatives today. Pellicciotti continues his advocacy on behalf of Washington State so that legal cannabis businesses operating in Washington State can finally use banks and other financial institutions, instead of relying primarily on cash for all financial transactions.
“I applaud the U.S. House passing the SAFE Banking Act of 2021 today, because legal cannabis businesses in our state need to be able to use credit unions, banks, and credit cards, instead of relying on cash. I will continue to partner with other State Treasurers around the country to now push the U.S. Senate to pass this critical legislation, so that it can get to President Biden to be signed into law.”
Washington State became the first U.S. state to legalize recreational cannabis in 2012. Today the U.S. House of Representatives passed HR 1996, the SAFE Banking Act of 2021. It was co-sponsored with bi-partisan support from members of the Washington State congressional delegation: Rep. Kilmer, Rep. Newhouse, Rep. Larsen, Rep. Jayapal, Rep. Smith, Rep. DelBene, and Rep. Strickland.
Once passed by the U.S. Senate and signed into law, this important legislation will allow states with legal cannabis sales to use federally-regulated banking institutions. Lawful access to banking services will allow legal cannabis businesses in Washington State and other states, in which these businesses operate, to fix the continued financial, health, and safety issues associated with cash-only transactions in the state-authorized, multi-billion dollar cannabis industry.