The American Bankers Association (ABA) recently wrote a letter to the Senate, encouraging them to pass the SAFE Banking Act, which would allow cannabis businesses to gain access to services from financial institutions.
As it stands right now, banks and other financial institutions are hesitant to provide cannabis companies with accounts for their businesses. This forces dispensaries and retail locations to deal only in cash, which puts both customers and employees in more danger.
Bankers from each state signed the letter to Senators, which could go a long way in passing the SAFE Banking act. If businesses are allowed to finally accept payments other than cash, this could cause a spike in the cannabis sector which would be attractive for investors.
“The SAFE Banking Act is a banking-specific solution that would address the reality of the current marketplace and allow banks to serve cannabis-related businesses in states where the activity is legal. It respects state sovereignty and does not facilitate cannabis sales in states that have chosen not to legalize the drug,” the letter from the ABA to the Senate explained.