Honorable Jeff Merkley
United States Senator, Oregon, Democrat
[Senate Banking Committee] Chairman [Mike] Crapo [R-Idaho] and Ranking Member Sherrod Brown [D-Ohio], thank you for convening this hearing on the challenges faced by the cannabis industry in the banking sector, and for considering the legislation put forth by Sen. [Cory] Gardner [R-Colo.] and myself, the Secure and Fair Enforcement (SAFE) Banking Act (S. 1200). The lack of availability of financial services for cannabis-related businesses in states where it is legalized has created a scenario where businesses are forced to operate in all cash, leading to unsafe environments for all parties involved. Financial institutions support legal clarity …
