Pushing for Change: American Cannabis Collective Co-Founders Apply Pressure in Support of SAFER Banking Act on the Hill
Today, American Cannabis Collective co-founders Gretchen Gailey and Don Murphy took to Capitol Hill to educate and hold discussions in favor of the SAFER Banking Act. With August recess approaching and lawmakers preparing to leave Washington, our leaders recognized the urgent need to make a final push for this crucial legislation.
As you may well know, Gretchen and Don are relentless champions of the cannabis industry. They've been engaging with members of Congress, leveraging their expertise and relationships to open doors and facilitate conversations about the importance of the SAFER Banking Act. This legislation would provide much-needed security and stability to cannabis businesses by granting access to traditional banking services, which have been largely unavailable due to federal restrictions.
Our co-founders' presence on the Hill today, and every day, showcases their unwavering commitment to promoting the welfare of the cannabis community. With their extensive experience in the realm of political support, they've been working tirelessly to ensure that lawmakers understand the pressing need for this legislation, especially in the context of the upcoming recess.
As Gretchen and Don continue to fight for the industry, they remain dedicated to advancing the cause and informing our community about their progress. With their relentless efforts, the American Cannabis Collective will continue to push for positive change and advocate for legislation that benefits the industry as a whole.
We're proud to have such passionate leaders at the helm of our organization, and we'll keep you updated on their ongoing work.
As the landscape of the cannabis industry continues to shift, and the political landscape of this election year in particular, you can count on the American Cannabis Collective to remain at the forefront, fighting for the interests of our community.
Inside SAFER Banking:
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The Act aims to provide a safe harbor for banks, credit unions, and other financial institutions that serve state-authorized plant-touching businesses, protecting them from federal prosecution or penalties.
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The Act seeks to enable our community's businesses to access traditional banking services, such as checking and savings accounts, credit cards, and loans, which have been largely unavailable to them due to federal restrictions.
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The SAFER Banking Act includes provisions to prevent federal banking regulators from ordering a bank or credit union to close an account based solely on reputational risk associated with plant-touching businesses.
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The Act directs federal banking regulators to develop guidance and examination procedures for banks and credit unions serving our community's businesses, helping to ensure that financial institutions can confidently provide services to the industry without fear of regulatory backlash.
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The Act extends protections to businesses that provide services to plant-touching companies, such as real estate owners, accountants, and lawyers, allowing them to access financial services without fear of federal prosecution.
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The SAFER Banking Act includes provisions for increased transparency and accountability within the industry by requiring financial institutions to comply with existing financial regulations, such as anti-money laundering and "know your customer" rules.
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By allowing businesses to access traditional banking services, the SAFER Banking Act aims to reduce the amount of cash handled by these companies, minimizing the risk of theft and other crimes related to cash-heavy operations.
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With access to banking services, businesses would be better equipped to accurately report their income and pay taxes, ensuring that the industry contributes to the overall economy.
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The SAFER Banking Act also provides protections for hemp and hemp-derived CBD businesses, which have faced similar difficulties in accessing financial services due to the association with the plant. This inclusion is significant, given the increasing popularity and economic potential of the industry.