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Following weeks leading negotiations, Sinema secured support to advance legislation ensuring legal cannabis businesses can access banking services
WASHINGTON – The U.S. Senate Banking, Housing, and Urban Affairs Committee approved Arizona senior Senator Kyrsten Sinema’s SAFER Banking Act – bipartisan legislation ensuring legal cannabis businesses in Arizona and across the country have access to basic banking and insurance services.
The Senator’s SAFER Banking Act is the result of weeks of direct negotiations with colleagues in both parties. Without access to banking services, cannabis businesses are often forced to do business in cash and keep large volumes of cash on their premises. Criminals know this, making cannabis businesses targets for robberies and other crime. The bill also includes provisions to make banking less political and protect access to essential banking services for Arizona businesses.
“As I promised Arizonans, I’m working with anyone and everyone to deliver real, lasting results for our state. Our SAFER Banking Act makes our communities safer and economically stronger – and it’s moving forward with bipartisan support,” said Sinema, a member of the Senate Banking Committee.
Most state legal medicinal and recreational cannabis businesses are denied access to the banking system because banks fear they may be prosecuted under federal law. Sinema’s bipartisan bill ensures cannabis businesses have access to banking and insurance services, which will strengthen public safety, protect banks from penalties or prosecution for providing banking services to legal cannabis businesses, and expand economic opportunities.
Sinema convened a working group with senators in both parties to negotiate key provisions of the bill and ensure needs were met on both sides. Her role in the bipartisan negotiations was instrumental in formulating the final package.
The text of the legislation can be viewed HERE.
A section-by-section summary can be viewed HERE.