OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

AT HEARING, CORTEZ MASTO URGES COLLEAGUES TO PASS THE SAFE BANKING ACT AND PROTECT LEGITIMATE CANNABIS BUSINESSES

Hearing

Date: May 11, 2023
Location: Washington, D.C.
Issues: Finance and Banking Marijuana

"My office heard from one business owner in Las Vegas who said that the lack of access to banking creates logistical headaches and puts her and her employees at risk. Her business has to deposit large amounts cash at local banks, often at more than one bank in the same day because of cash deposit limits. This is burdensome and dangerous. Last year, after one of those deposit runs, this business owner's car was broken into. Fearing that whoever had broken into her car now knew from her bank deposit slips that she carried large amounts of cash -- her coworkers bought her a taser. She keeps it by her bed at night to feel safe.

This is outrageous. Banks already accept the money that legitimate marijuana business pay contractors and security firms. And it's just common sense that they should serve the actual businesses too."


Source
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