A majority of American voters support allowing banks to do business with state-legal marijuana businesses, according to a new poll. And many people believe it improves public safety and promotes social equality.
A survey by the Independent Community Banks of America (ICBA) conducted by Morning Advisor found that 65 percent of voters support moderate cannabis reform, which is supported by the bipartisan Safe and Fair Enforcement (SAFE) Banking Act. House seven times, but he has been standing in the Senate continuously.
Respondents also shared their views on the practical implications of the Act beyond protecting banks serving the industry. Seventy-one percent said giving cannabis businesses access to the financial system would reduce the risks of extortion and violent crime targeting the cash market.
ICBA Poll: 2/3 of voters support allowing cannabis-related businesses to access banking services in states where it is legal. When voters give their support, the Senate must act on bipartisan cannabis banking legislation already approved by the House. ➡️ https://t.co/zFS10sy4cm
— Independent Community Banks of America (@ICBA) September 6, 2022
More than four in five voters say businesses that operate with cash in general are more likely to be robbed or robbed.
Also, 55 percent said they felt the reform would promote equity by empowering minority, women and LGBTQ-owned marijuana businesses to benefit from improved banking access and financial services.
“U.S. voters have made it clear that the current law banning the banking of cannabis-related businesses has a negative impact on local communities,” ICBA President Rebecca Romero Rainey said in a press release.
“With an overwhelming majority of American voters in favor of bringing cannabis-related businesses into the banking system, the Senate must now act on the bipartisan Cannabis Banking Act that has passed the House seven times,” she said.
More than 60 percent of pollsters said that denying banking services to marijuana businesses would pose a threat to public safety and that allowing such access would improve public safety.
Additionally, 58 percent of respondents agreed that establishing a safe harbor for cannabis banking is “useful,” according to the press release.
ICBA did not immediately respond to requests from Marijuana Moment for full poll questions or breakdowns of results.
The results of the survey by the financial services group, which previously endorsed the SAFE Banking Act, were released in March after separate polling findings from the American Bankers Association (ABA) were conducted in a morning consultation. It also showed that 65 percent of Americans support marijuana banking reform.
Meanwhile, the Nonpartisan Council of State Legislatures (NCSL) recently voted to adopt revised policy guidance for federal marijuana scheduling and cannabis banking reform amid the state-level legalization movement.
While the House has repeatedly shown bipartisan support for the policy change, the bill has stalled in the Senate under both Republican and Democratic control. A key reason for the lack of action on the proposed amount is the ongoing debate over incremental and comprehensive marijuana reform.
Senior senators who generally support the idea of legalizing the marijuana industry to make it accessible to financial institutions in other traditional markets are still reluctant to come up with anything limited, especially when it comes to equity.
Senate Majority Leader Chuck Schumer (D-N), Senate Finance Committee Chairman Ron Wyden (D-OR) and Sen. Cory Booker (D-N.J.) were among those who called for comprehensive legalization before enacting anything in the primary. It serves industrial needs.
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Even so, the legalization bill they introduced in July after months of seeking bipartisan input is unlikely to advance this Congress, as it’s proven to fall short of the 60-vote threshold needed to clear the Senate.
Recognizing that political reality, Schumer has been in high-profile discussions with both parties and bicameral legislatures about developing a modest set of cannabis reforms dubbed “SAFE Banking Plus.” As the name suggests, it is expected to retain marijuana banking protections, but also include equity-focused reforms, as well as other elements such as legislation to remove prior cannabis convictions.
The Cannabis Color Coordinating Regulators (CRCC) released a paper last month outlining the shortcomings of the Safe Banking Act as an independent, and recommended several reforms to strengthen the equity impact.
Booker said at an event hosted by the CRCC last month that independent legislation “requires changes” if cannabis is to proceed before federal legalization.
The senator initially called for a Senate Judiciary Subcommittee hearing in July that he was coming to marijuana banking reform (subject to equity provisions).
Meanwhile, bipartisan representatives of the Safe Banking Act, Rep. Ed Perlmutter (D-CO) and Sen. Jeff Merkley (D-OR) laid out measures for cannabis banking reform in a briefing hosted by the American Cannabis Council. USCC) in July.
Also in that briefing, Rep. Earl Blumenauer (D-OR) said he spoke with Booker recently about the path to marijuana reform this session and had a “great conversation” about finding areas of agreement.
“I think the senator is well aware of what this failed policy of prohibition does to the CFA Banking Act and the consequences of that in terms of the threat to the communities they want to support,” the congressman said in response. A question from Marijuana Moment. “I think he’s trying to thread the needle.”
In a recent interview, Perlmutter said he feels the Senate’s introduction of the bill means lawmakers have overcome a legislative “obstacle” that has prevented safe banking from moving through the chamber.
Democratic congressional candidate deletes marijuana tweets criticizing pro-legalization GOP incumbent, but questions his motivations in interview
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