For Immediate Release: February 8th, 2022
Contact: Monica McCafferty
COMPETES Legislation SAFE Banking Provision Would Permit Banks to Provide Services to State Regulated Marijuana Businesses
Washington, D.C. — The American Trade Association for Cannabis and Hemp (ATACH) offered the following comment on consideration of the COMPETES Act and response to Senate Minority Leader Mitch McConnell (R-KY):
“Access to banking is a necessary first step in removing the unacceptable and outdated threats faced by financial institutions of potential criminal prosecution for simply working with legal, regulated marijuana businesses and has received substantial bipartisan support,” said Michael Bronstein, ATACH President. “Senator McConnell’s comments singling out the banking provisions of this bill are unfortunate and fail to take into account that law enforcement officials, banking associations, attorneys general, state officials, Republican and Democrat alike, believe that forcing legal businesses to continue to operate in cash and outside of the banking system creates an unnecessary risk to public safety for businesses, employees, patients and customers.”
The SAFE Banking Act provisions included in America COMPETES legislation, would create a legal safe harbor for financial institutions to engage in business relationships with state-licensed and regulated cannabis companies.
ATACH: The American Trade Association for Cannabis and Hemp (ATACH) is the leading United States 501(c)(6) cannabis industry trade organization promoting the expansion and protection of legal sales of cannabis and hemp for industrial, medical, and adult use.