Inslee and Ferguson: SAFE Banking Act is a matter of life and death for WA pot businesses
It’s an almost-nightly news story: another ‘pot shop robbery.’ More than 50 cannabis stores throughout Washington state have been victimized by robberies so far in 2022. That’s more than 50 robberies in less than three months — many of them by perpetrators with firearms and two of which resulted in people being killed.
Compare this to 2021 when there were about 35 cannabis store robberies total.
There are likely several reasons for the dramatic surge, though one reason is starkly obvious: cannabis businesses have limited financial services available to them and largely operate in cash.
Congress must take action immediately to pass the SAFE Banking Act which would, at long last, allow cannabis retailers to more easily use common cashless payment options such as credit and debit cards.
This policy is years overdue. Despite 19 states having legalized the recreational use of cannabis over the past decade, marijuana remains illegal under federal law. This means banks and financial institutions are put at legal risk if they provide banking services to cannabis businesses.
In Washington, we have already legalized cannabis and begun the work of expunging eligible convictions. But we cannot shield banks from the legal liability brought by congressional inaction.
The House voted last month on a measure known as the Marijuana Opportunity Reinvestment and Expungement Act — also called the MORE Act — and leaders in the Senate plan to unveil a similar comprehensive cannabis reform bill this month. Consideration of these bills is a meaningful step forward for addressing the longstanding inequity that the federal prohibition on cannabis continues to perpetuate, and Congress should move swiftly to pass comprehensive reform. However, the fate of these measures remains uncertain and will take time to become law.
Meanwhile, Washington businesses and their employees need action today. This has become a matter of life and death. Congress can act today to pass the SAFE Banking Act. Every day of delay means business owners are incurring extraordinary costs to hire their own armed security. Retail store employees are being traumatized, assaulted and even killed.
Even for those of us who want to accelerate national comprehensive reform and legalization, it is hard to understand how not voting on the SAFE Banking Act helps achieve that goal.
We urge leaders of the Senate to act immediately and send the SAFE Banking Act to President Biden for his signature. We’ve been asking for access to banking services since 2013. We’re witnessing the horrific and tragic consequences of Congress’s failure to act.
Pass the SAFE Banking Act. Now.
Gov. Jay Inslee has been governor of Washington state since 2013.
Attorney General Bob Ferguson has been Washington state’s attorney general since 2013.
This story was originally published April 19, 2022 at 5:00 AM.