A new poll commissioned by a trade group for community banks finds a large majority of voters think businesses in the marijuana industry should be able to access banking services in states where marijuana is legal.
Just shy of two-thirds of respondents in the Independent Community Bankers of America’s poll, conducted by Morning Consult, supported the idea.
The poll comes as banking trade groups try to build momentum for the bipartisan SAFE Banking Act on Capitol Hill. The legislation has passed the House of Representatives seven times but has not been taken up by the Senate. The bill has the banking of the Conference of State Banking Supervisors and Connecticut’s main banking trade group. Local lenders see big business opportunities as Connecticut legalizes the sector.
It would generally prohibit a federal banking regulator from penalizing a lender that serves marijuana businesses, clarify that a locally-legal marijuana business’ profits aren’t “proceeds from unlawful activity” – subjecting them to anti-money laundering laws – and protect banks serving marijuana businesses from asset forfeiture under federal drug laws.
Currently, marijuana businesses largely have to operate on an all-cash basis, and banks and credit unions that offer services to these companies must set up awkward special-purpose entities subject to significant compliance risks in order to do business in the lucrative and rapidly-growing market.
“U.S. voters have made clear that current law inhibiting access to the banking system for cannabis-related businesses has a negative impact on local communities,” ICBA President and CEO Rebeca Romero Rainey said. “With a supermajority of U.S. voters voicing support for allowing cannabis-related businesses access to the banking system, the Senate should act now on bipartisan cannabis banking legislation that the House has passed seven times.”
The poll framed the issue as one of public safety, according to the ICBA’s announcement, asking voters questions like whether eliminating the need for marijuana businesses to operate on an all-cash basis would help reduce the risk of robbery and assault in the communities where they’re located.
