Statement by ATACH on passage of landmark SAFE Banking Act
WASHINGTON, D.C. – ATACH today released the following statement applauding passage of landmark legislation that would create a federal safe harbor for financial institutions to serve state-lawful cannabis and hemp businesses and ancillary companies.
“We applaud the House of Representatives for advancing this landmark legislation that will enhance public safety and open up financial services and banking to marijuana businesses. For far too long, marijuana businesses and employees of these businesses have been forced to operate outside the banking system. The Secure and Fair Enforcement (SAFE) Banking Act acknowledges that facts on the ground have changed and will have an immediate impact creating additional security and certainty for an industry that has been forced to deal mainly in cash transactions due to outdated federal laws.”
“The significance of this bi-partisan legislation that has passed the House of Representatives cannot be overstated as it will be the first time that marijuana businesses will be able to gain access to things that other businesses take for granted such as financing, insurance, credit card transactions, and checking accounts.”
The American Trade Association for Cannabis and Hemp (ATACH) is the leading 501(c)(6) marijuana industry trade organization promoting the expansion and protection of legal sales of marijuana for industrial, medical, and adult use. ATACH had been named “Trade Association of the Year” and “Corporate Grassroots Organization of the Year” by Campaigns & Elections magazine. ATACH’s membership is comprised of the largest and most influential businesses in the industry and promotes the protection and expansion of the cannabis industry.