D.C. Shadow Rep. Oye Owolewa (D) recently commented on the SAFER (Secure and Fair Enforcement Regulation) Banking Act, which would loosen restrictions on legal marijuana dispensary owners getting financial assistance from federally chartered banking institutions.
“I am proud to support this joint legislation that aims to bridge this gap by allowing legal marijuana dispensaries to access federal banking services,” said Owolewa. “By allowing these businesses to access the same financial tools and services enjoyed by other legal enterprises, we not only promote economic growth but also enhance public safety. The lack of access to traditional banking services forces many marijuana dispensaries to operate on a cash-only basis, putting such businesses at a substantially higher risk of being targeted by criminals.”
Owolewa said allowing legal marijuana dispensaries to participate more in the banking system will stimulate the economy of the neighborhoods that surround them and “generate additional tax revenue that can be reinvested in essential public services.”
“I urge Congress to join me in supporting this common-sense legislation,” he said.
I am a 73 year old medical marijuana patient from Pa. I follow all the news about the Safer Banking Act and I have yet to see any mention of how we the patients are put at risk due to the fact we have to carry uncomfortable amounts of cash! I’ve been a cannabis patient for over 2 years, and I can tell you there are MANY older and senior customers who I am sure feel the same as I do. We don’t feel safe carrying all that cash instead of being able to pay with a credit card. All because the Federal Government refuses to recognize the medical marijuana industry as any other legitimate business! Please, when you think of the many advantages of the Safer Banking Act don’t forget about all the medical marijuana patients, both younger and older and their safety. PLEASE pass the SAFER BANKING ACT! It’s the 21st century; it’s time!
Thank you