Last week, members of the Cannabis Regulators Association (CANNRA) penned a letter to leaders of congress. The letter’s primary signatories were regulators serving in Washington, Oregon, Nevada, Minnesota, Michigan, Hawaii and Georgia.
In the letter, the nonpartisan association outlined primary aspects of worry for the respective cannabis markets in their states. While it didn’t endorse the SAFE Banking Act directly, the letter did highlight that the absence of safe financial and banking services for marijuana industry actors and for the individuals involved in marijuana marketplaces was a public safety matter.
Legislators are currently holding a debate to attach the language of the SAFE Banking Act to the America COMPETES Act.
The letter stated that nearly all territories and member states of the association had been negatively affected by the lack of banking and financial services for marijuana businesses and those who worked with the marijuana industry. The primary issues the association identified concerned public security and safety, the need for small as well as minority-owned companies to have access to financial institutions and the lack of access to depository and banking services.
This banking issue has compelled many cannabis businesses into operating on cash-only terms, which makes them targets of criminal activity and threatens the public safety of communities and neighborhoods across the country.
In the letter, the association cited instances of recent robberies and violent crimes that took place at retail outlets in various states these last few months. The association noted that access to conventional banking services will strengthen efforts to prevent criminal enterprises and diversion and offer regulatory agencies better insight into legitimate operators.
The letter also highlighted that this issue was impacting small plus minority-owned businesses. The letter explained that while big businesses had the capability to identify and then use alternatives for financial transactions, small businesses struggled with this and were often left to operate on cash-only terms with no access to capital, which in turn affected their viability as well as success in the legal cannabis space.
CANNRA noted in the letter that this grew the already unequal playing field, which existed for small as well as minority-owned marijuana businesses.
Additionally, absence of access to safe banking also made it harder for marijuana regulators to promote equity and safeguard public health as well as consumer safety, in addition to promoting regulatory certainty with regard to those involved in the industry. CANNRA then urged Congress to accord prominence to policy approaches that promoted safe banking. This comes as more legislators, including Rep. Earl Blumenauer and Sen. Patty Murray, call for the advancement of the SAFE Baking Act.
Plant-touching and non-plant-touching companies alike, such as Advanced Container Technologies Inc. (OTC: ACTX), may be following the proceedings in the bicameral conference closely since the report the conference submits could have far-reaching consequences for the cannabis industry.
NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX
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