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Most Americans want Congress to act on cannabis banks

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According to the data collected in the citizen surveyreleased March 8, conducted by Morning Consult, On behalf of the American Bankers Association, a majority of Americans want Congress to roll with cannabis banking reform.

The lack of access to banking is forcing the cannabis companies to deal with cash – which has proven very reckless. a Dangerous pattern of theft Formed in certain states related to cannabis, money and how the two intersect.

Survey data indicates that the majority of Americans are satisfied with their bank accounts, but the survey also questioned respondents’ opinions about their views on whether and whether cannabis should be allowed into banking institutions.

The survey examined consumer opinions on cannabis banking. A large majority of American adults – 65 percent – support allowing cannabis companies to access banking services such as checking accounts and business loans in states where cannabis is legal, while only 15 percent oppose it. Moreover, 68 percent of Americans said Congress should pass legislation so that cannabis companies can “access state banking services and products” where it is legal.

Seven in 10 Congress support passing legislation that would allow cannabis companies to access banking services such as checking accounts and business loans, at least in states where cannabis is legal. In many of those states, companies still handle cash.

“Consumers clearly agree that it is time to resolve the ongoing conflict between state and federal law so that banks can provide legal services for cannabis and cannabis-related businesses,” said Rob Nichols, ABA President and CEO. “Doing so will help banks meet the needs of their communities while enhancing public safety, increasing tax collection efficiency and improving the financial transparency of the cannabis industry.”

NORML leaders applauded the new batch of data, particularly with regard to the survey’s inclusion of people’s opinions of the cannabis business.

“Americans understand that no industry can operate safely, transparently, and effectively without access to banks or other financial institutions, and it is clear that this industry, and those consumers it serves, remain severely handicapped without that access,” said NORML Deputy Director Paul Arminano. He saidCommenting on polling data. “It is also clear that the status quo is detrimental to small business activism and creates unnecessary barriers to entry for entrepreneurs from those communities that have been disproportionately affected by decades of cannabis bans. In order to truly bring the marijuana industry out of the shadows, action must be taken by Congress to abolish these practices. outdated and discriminatory.”

According to recent data from the US Treasury, only about 11 percent of all US banks and about 4 percent of all US credit unions provide banking services for cannabis-related businesses.

in early February, The House of Representatives passed the SAFE Banking Act As part of a separate bill – marking the sixth time the House of Representatives has passed legislation to give cannabis businesses access to banking and other financial services.

Members of the House of Representatives adopted the provisions of the Banking Bill as an amendment to legislation drafted to support American manufacturing and improve competitiveness with China known as the Creating Opportunities for Manufacturing, Excellence in Technology, and America’s Economic Power Act of 2022 (America’s Competition Act of 2022).

NORML cited survey data collected by Whitney Economics earlier this year. That survey reported that More than 70 percent of cannabis companies say that lack of access to banking or venture capital is their biggest challenge. While 42 percent of respondents cited state regulations as the biggest burden facing the industry, only 39 percent cited the influence of the black market.

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