An organization representing mayors from across the U.S. adopted a resolution that is demanding Congress to pass a bill to safeguard banks that work with state-legal marijuana businesses from federal penalties.
The U.S. Conference of Mayors approved the measure during the body’s 90th annual meeting on Monday. The resolution on banking expresses support for federal legalization bills, including one that passed the House and another that’s being finalized by Senate leadership.
The whereas section of the measure states that “the conflict between state law and the illegality of cannabis under federal law creates significant challenges and barriers for legally-owned and operated recreational and medical cannabis dispensaries and cannabis-related companies.”
It also reads, “cannabis companies are unable to access banking services that financial institutions and insurers offer to other businesses due to the potential for severe criminal and civil penalties,” which forces many operators to operate on a largely cash-only basis that has led to a surge of targeted crime.
The mayors of Tacoma, Washington; Fort Lauderdale, Florida; and Henderson, Nevada sponsored the resolution for the organization. The organization represents the 1,400 U.S. cities with populations of 30,000 or more.
“Now, therefore, be it resolved, that The United States Conference of Mayors urges Congress to pass the SAFE Banking Act of 2021 to provide financial security for cannabis dispensaries and related companies and enhance public safety,” it says.
“Be it further resolved, that The United States Conference of Mayors supports federal legislation legalizing the medicinal use of cannabis and the adult use of recreational cannabis, including the Marijuana Opportunity Reinvestment and Expungement (MORE) Act (H.R. 3617) and the Cannabis Administration and Opportunity Act (CAOA),” the resolution states.
