Sen. Patty Murray announced her support of the Secure and Fair Enforcement Regulation Banking Act (SAFER) to save Washington State pot shops.
Sen. Murray hopes the legislation will ensure that pot shops have access to the traditional banking system used by other American businesses according to a Wednesday press release.
Currently, pot shops do not have access to the traditional systems because banks are worried that they could be prosecuted due to the federal restrictions on cannabis.
This means that all legal pot shops are forced to be cash businesses. This opens the door to the smash-and-grab robberies that have spiked in the past months.
“It’s ridiculous that legal cannabis businesses in Washington state are forced to operate entirely in cash—and it puts the safety of their employees and our neighborhoods at risk,” said Senator Murray. “The SAFER Banking Act is an important first step in doing the right thing for small business owners and the communities they operate in and I’m going to keep pushing to get it across the finish line.”
The new legislation would ensure that sanctioned cannabis businesses have full access to insurance, bank accounts, and other financial services.
The legislation would also protect hemp and hemp-derived cannabidiol (CBD) related businesses.
More information about the SAFER Banking Act is available in the official release.
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