Cannabis Companies Need Financial Institutions to Help Them Start and Grow

Floor Speech

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Ms. PINGREE. Madam Speaker, I rise to support H.R. 1595, the SAFE Banking Act, which passed this House this afternoon.

Maine voters have legalized marijuana. Like every other business, cannabis companies in Maine and other legalization States need financial institutions to help them start and grow.

Maine credit unions and banks want to help. They were early advocates of the SAFE Banking Act. They recognize that a safe harbor is necessary so that lenders can assist this emerging industry sector, to the benefit of consumers, lenders, and law enforcement.

Just yesterday, a banker from southern Maine contacted me out of regret. The bank had to close a long-time customer's account when they found out he was a delivery driver for a legal marijuana producer. Due to potential Federal liability, the bank lost a customer. The citizen lost his trusted financial institution.

Does he have to keep his earnings under a mattress?

This makes no sense. The SAFE Banking Act will fix this problem by allowing lenders to legally serve marijuana businesses. It promotes security by ensuring transactions are done through regulated institutions, not with bags of cash.

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