The National Hispanic Cannabis Council is calling for the “immediate passage” of a bipartisan marijuana banking bill and expressing support for federally legalizing cannabis.
The banking reform is critical to ensuring industry equity, giving small- and minority-owned businesses access to financial services that could help them compete in an increasingly consolidated market. State legal operators do not have equal access to traditional business lending and financing options as non-U.S. companies, which creates an inordinately high cost of capital and significant barriers to entry for Latino owned and ancillary businesses.
The SAFE Banking Act could enable cannabis businesses with social equity licenses, diverse ownership licenses, or other licenses made available, to better compete in the industry if it was coupled with the federal descheduling of marijuana and explicitly provided for fair terms and rates for Latino-owned and social equity licensed cannabis businesses.
If you support the Secure and Fair Enforcement (SAFE) Banking Act please write to Senator Advocacy Targets; Sen. Chuck Schumer (NY) and Sen. Cory Booker (NJ) and to your own Senator to share your support.
NHCC supports the Safe Banking Act act for the following reasons:
- Opens new revenue sources to minority markets who traditionally do not have access to personal wealth or private money lenders.
- To promote diversity and inclusion, the SAFE Banking Act requires a GAO study and annual regulator reports to Congress to monitor that there is equal access to credit and to reduce barriers to marketplace entry for potential and existing minority-owned and women-owned cannabis-related legitimate businesses.
- To support the economic recovery, this bill brings more cash into the economy. Bringing in this cash will make the industry safer and give banks and credit unions more capital to lend during the recovery.
- Essential to supporting individuals from historically disadvantaged communities in becoming successful entrepreneurs in the burgeoning cannabis space.
We hope you agree and take the initiative and use the template letter below to write to the Senator Advocacy Targets asking for their support of the bipartisan Safe Banking Act act.
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