Chicago, IL: The American Bar Association (ABA) has adopted a resolution urging for the passage of federal legislation facilitating banks and other financial institutions to legally interact with licensed cannabis businesses.
The resolution calls for the "enactment of [federal] laws to ensure that it shall not constitute a federal crime for banks and financial institutions to provide cannabis-related services."
Under existing law, banks are discouraged from engaging with state-licensed marijuana businesses. In September, members of the US House of Representatives voted 321 to 103 in favor of HR 1595: The SAFE Banking Act, amending federal law so that financial institutions may work directly with state-legal marijuana businesses without fear of federal repercussions. The bill now awaits action from the Senate Banking Committee. However, Committee Chair Mike Crapo (R-IN) has expressed opposition to the measure.
In 2019, the ABA adopted a separate resolution urging Congress "to enact legislation to remove marijuana from Schedule I of the Controlled Substances Act." With over 400,000 members, the American Bar Association is among the largest voluntary organizations in the world.
For more information, contact Justin Strekal, NORML Political Director, at (202) 483-5500.