Support Grows for Banking Reform for Cannabis Industry

By MarijuanaMoment.net|March 10, 2022

A strong majority of Americans support freeing up banks to work with cannabis businesses without facing federal penalties, according to a new poll released by the American Bankers Association (ABA).

The survey, conducted by Morning Consult, posed two questions on how banks work with cannabis business. The first broadly asked respondents whether they support or oppose allowing cannabis businesses to “access traditional banking services, like a checking account or business loan, in states where cannabis is now legal.” Sixty-five percent said they favor that policy, with just 15% in opposition.

Respondents were then asked about whether Congress should approve legislation that would accomplish that reform. For that question, 68% said they agree that lawmakers on Capitol Hill should act.

While the prompt didn’t specifically reference the Secure and Fair Enforcement (SAFE) Banking Act, that bipartisan bill would provide the described banking protections, and it’s passed the House in some form six times at this point, only to stall in the Senate.

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