USCC Urges Adoption of Cannabis Banking Reform Amendment to NDAA


September 21, 2021



In response to the House Rules Committee’s move to advance Rep. Earl Perlmutter’s National Defense Authorization Act (NDAA) amendment on cannabis banking reform to the House floor, US Cannabis Council CEO Steven Hawkins issued the following statement:

“Over $17 billion in legal cannabis was sold in the United States last year, overwhelmingly through cash transactions. Forcing legitimate, well-regulated cannabis businesses to conduct most of their business in cash is anachronistic and a clear threat to public safety.

“Rep. Perlmutter’s SAFE Banking amendment is a commonsense reform that would make standard banking services available to cannabis businesses, while advancing equity and public safety. The benefits would be felt most significantly by small and diverse-owned businesses which struggle to navigate the lack of capital and financial services available to the industry.

“We applaud the House Rules Committee for advancing the SAFE Banking amendment with bipartisan support, including from Ranking Member Rep. Tom Cole. There is undoubtedly a national security element to this issue, as we see when organized syndicates target cannabis businesses. We urge the full House to adopt the amendment before sending the bill on to the Senate.”

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