420 with CNW — ABA Poll Shows Americans Want SAFE Banking Act Passed

A recent survey released by the American Bankers Association has found that almost 70% of Americans are in favor of allowing financial institutions to work with cannabis businesses without the threat of being penalized. The poll, which was conducted by Morning Consult, interviewed more than 2,000 adults between February 18–19, 2022.

The survey asked respondents a pair of questions on cannabis banking. The first asked respondents whether they support or oppose allowing cannabis businesses to “access traditional banking services, like a checking account or business loan, in states where cannabis is now legal.” The poll found that 65% were in favor of this, with only 15% opposing it. The second question asked respondents whether Congress needed to pass a bill that would accomplish this reform, with 68% indicating that legislators did need to approve the measure.

The bipartisan measure in question, the Secure and Fair Enforcement (“SAFE”) Banking Act, would offer protections to banks that worked with state-legal cannabis businesses. This bill has been approved in some form in the House half a dozen times. However, it has yet to be passed in the Senate.

In a press release, Rob Nichols, the CEO of the American Bankers Association, highlighted that consumers agreed that the time had come to allow banks to serve legal marijuana and marijuana-related businesses. Nichols noted that this measure would help banks meet communities’ needs while also improving the financial transparency of the growing marijuana industry, increasing tax collection efficiency and increasing public safety.

The American Bankers Association was one of several insurance, financial and labor groups that called on Congress to approve the cannabis banking reform as part of a large-scale defense legislation last year. The bill’s language was successfully attached to the defense measure by the banking bill’s sponsor, Rep. Ed Perlmutter. However, the language was scraped off later during bicameral negotiations.

This may change now, after Senate Majority Leader Chuck Schumer, who has been an obstacle to the banking measure’s approval in the Senate, revealed that approving the bill was a possibility if some equity provisions were included. Soon after this, Perlmutter stated that he was open to revisions, noting that he was confident that the Senate would take up his measure before he went into retirement at the end of this session.

Many hope that the banking measure will soon be approved, as the number of banks working with legal cannabis businesses increases. As the relationship between mainstream banks and licensed marijuana companies such as Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) is allowed under federal law, we are likely to see the industry grow at a faster rate since companies will have access to needed services, including bank loans to fund their growth.

NOTE TO INVESTORS: The latest news and updates relating to Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) are available in the company’s newsroom at https://cnw.fm/RWBYF

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have questions or are you interested in working with CNW420? Ask our Editor

Denver, Colorado
303.498.7722 Office

CNW420 is part of the InvestorBrandNetwork.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s