Rep. Ed Perlmutter Says Marijuana Industry Could Have Access To Banks This Year

(CBS4) - Rep. Ed Perlmutter, a Democrat who represents Colorado's 7th Congressional District, reintroduced his landmark SAFE Banking Act to give the cannabis industry access to banking services. With Democrats in control of both chambers, he could get it across finish line this year.  

Perlmutter has fought to pass the bipartisan bill for years, but it has repeatedly stalled in the Senate. The bill provides protections from money laundering laws for any proceeds derived from marijuana businesses in states that have legalized cannabis.

Perlmutter says forcing the industry to operate in cash alone has lead to burglaries and even murders including Travis Mason in 2016. The 24-year-old was shot and killed while working as a dispensary security guard in 2016.

"The public safety need is urgent, and a public health and economic need has also emerged with the pandemic further exacerbating the cash-only problem for the industry," said Perlmutter. "In many states, the industry was deemed essential yet forced to continue to operate in all cash, adding a significant public health risk for businesses and their workers."

Perlmutter notes that 47 states have legalized some form of cannabis and, he says, the industry is valued at nearly $18 billion. The legislation, he says, would also help Colorado's economy.

"As we begin our economic recovery, allowing cannabis businesses to access the banking system would also mean an influx of cash into the economy and the opportunity to create good-paying jobs," Perlmutter explained.

The bill also includes protections for hemp and hemp-derived CBD businesses, which Perlmutter says still have trouble accessing banking services despite the legalization of hemp in the 2018 Farm Bill.

Gov. Jared Polis issued the following statement in support of the SAFE Banking Act:

"I'm thrilled that this important legislation is once again being brought before Congress. It is critical that we legitimize cannabis businesses, many of which have been in operation for over a decade, by allowing them to interact in a transparent and legal fashion with our state and federally chartered financial institutions. Cannabis industry dollars should flow through the banking system like any other state regulated commodity, which in turn will create another layer of regulation and significantly enhance public safety. I want to thank my former colleague, Representative Ed Perlmutter, for his work to champion this bill. I supported this as a Congressman and now as Governor of the first state in the country to regulate adult use of cannabis, I urge the House to pass this bill quickly and send it on to the Senate."