Minorities for Medical Marijuana, Minority Cannabis Business Association, Marijuana Matters and Women Grow have banded together to create a campaign to help promote the economic and social equity advantages of allowing businesses involved in the cannabis industry to access financial services. The objective of the campaign, which has been dubbed SAFE4Equity, is to call for the SAFE Banking Act to be approved in Congress.
This banking measure, which is sponsored by Rep. Ed Perlmutter, was enacted as part of the America COMPETES Act, which is currently in negotiations in a bicameral conference committee.
Despite some advocates criticizing those who would like the banking reform to advance before a comprehensive measure is enacted, the cannabis advocacy group coalition believes that the reform’s passage would uniquely benefit small and minority and women-owned businesses because it would offer them resources that allow them to operate safely in this cash-intensive and volatile industry, while also competing effectively.
Marijuana Matters executive director Courtney Davis added that while this banking legislation wouldn’t repair the harms of the war on drugs, it would support people from historically disadvantaged communities and enable them to become successful entrepreneurs in the growing marijuana space.
Minorities for Medical Marijuana CEO Roz McCarthy stated that advocates had been calling for sensible marijuana reform for a long time now, adding that passing this equal and safe banking measure for those involved in the regulated marijuana industry would be a big step in the right direction.
Executive director of the Minority Cannabis Business Association Amber LittleJohn explained that the SAFE Banking Act’s passage would create a sustainable future for small marijuana business and put an end to the unjust criminalization of marijuana. This is what Perlmutter has repeatedly stated while advocating for the banking reform’s passage.
During a recent press release, the congressman stated that he appreciated the campaign’s support of the SAFE Banking Act as well as the coalition’s advocacy for federal marijuana reform, noting that the banking measure would address the needs of small businesses and underserved communities. Perlmutter added that it was vital that the bicameral committee solve this issue as soon as it could and begin relieving the threat of inequity and public safety that threatens emerging small businesses and communities in various parts of the country.
The congressman’s office also put out a separate press release last week that quoted a number of his colleagues in Congress who supported the SAFE Banking Act’s passage as a reform that would address equity, financial transparency and public safety not only for companies such as Flora Growth Corp. (NASDAQ: FLGC) but for entire communities.
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