US Senator Jeff Merkley wants to hear from you about banking - Your frustrations, challenges, hardships and hopes. Don't miss this opportunity to share your experiences and stories with one of our industries best champions in congress.
Sen. Merkley has invited Oregon's cannabis industry to join him Wednesday May 3rd at 12:00 pm for a Virtual Town Hall to discuss the SAFE Banking Act of 2023 and why our industry needs it so badly. He needs to hear your stories about how the lack of access to banking has hurt you and how access to banking would help your businesses thrive. So register ASAP and help one of our best champions in congress help fight for critical banking reform.
The 2023 SAFE Banking Act was just reintroduced by a large bipartisan and bicameral group of Congresspeople and this coming Wednesday is your opportunity to talk directly with one of its Chief Sponsors and longtime advocate.
This event is open to everyone in the Oregon Cannabis Industry so register today!
Don't Miss Out - Register ASAP
(Zoom link will be shared with all registrants)
Don't Miss Out - Register ASAP
(Zoom link will be shared with all registrants)
From Sen. Merkley's April 26th Press Release...
"Washington, D.C. – Oregon’s U.S. Senator Jeff Merkley along with Montana’s U.S. Senator Steve Daines and U.S. Representatives Dave Joyce (R-OH-14) and Earl Blumenauer (D-OR-03) introduced the bipartisan, bicameral Secure and Fair Enforcement (SAFE) Banking Act of 2023 today. This bill would ensure that legal cannabis businesses would have access to critical banking and financial services.
Most state legal medicinal or recreational cannabis businesses are denied access to traditional and secure banking systems and financial services because banks fear they may be prosecuted under federal law given the ongoing federal restrictions on cannabis. Due to the lack of access to financial services, state legal cannabis businesses are forced to operate their businesses solely using cash. This reality doesn’t just open the door to potential tax evasion, but increases the potential of criminal activity.
“Forcing legal businesses to operate in all-cash is dangerous for our communities; it’s an open invitation to robbery, money laundering, and organized crime—and it’s way past time to fix it,” said Senator Merkley.“For the first time, we have a path for SAFE Banking to move through the Senate Banking Committee and get a vote on the floor of the Senate. Let’s make 2023 the year that we get this bill signed into law so we can ensure that all legal cannabis businesses have access to the financial services they need to help keep their employees, their businesses, and their communities safe.”.....
....To address the safety concerns resulting from these state legal businesses being shut out of banking services, the SAFE Banking Act of 2023 would prevent federal banking regulators from:
- Prohibiting, penalizing or discouraging a bank from providing financial services to a legitimate state-sanctioned and regulated cannabis business, or an associated business (such as a lawyer or landlord providing services to a legal cannabis business);
- Terminating or limiting a bank’s federal deposit insurance primarily because the bank is providing services to a state-sanctioned cannabis business or associated business;
- Recommending or incentivizing a bank to halt or downgrade providing any kind of banking services to these businesses; or
- Taking any action on a loan to an owner or operator of a cannabis-related business...."
Don't Miss Out - Register ASAP
(Zoom link will be shared with all registrants)
