Thursday, June 13, 2024

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Republican Senator Releases Ad for SAFE Banking Act

A Republican Senator from Montana has created a video ad in hopes to raise the prospects of his own sponsored SAFE Banking Bill.

SAFE Banking would make it legally “safe” for banks to deal with marijuana companies, including dispensaries. Because it is now a legal gray area, many dispensaries have to deal in cash, which is very dangerous and has led to a spike in armed robberies.

In the ad, the CEO of Montana Bankers Association discusses the importance of the bill.

“It’s going to be very difficult, unless the SAFE Banking Act passes, for marijuana-related businesses to actually set up accounts and do financial transactions in the way most of us do.”

At another point, he makes the point that the banking industry of Montana opposes legal marijuana in the state. However, since the voters disagreed, they wish to serve legal businesses in the state.

“Our banks, they want to do the right thing in their communities. They want to serve the businesses that are there. It’s a legal business. The SAFE Banking Act, which Senator Daines is sponsoring, would go a long way toward helping banks understand what the rules are. We’re very grateful to Senator Daines for his efforts to help clarify what financial institutions, notably banks, can and can’t do as it relates to cannabis.”

The SAFE Banking Act has passed the House six times now, and has been held up in the Senate by Democrats looking to pass their own sweeping marijuana legalization bill. That bill has been delayed multiple times, with a new projection of it receiving a hearing in August.


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