(Alexandria, VA) Today, the so-called “SAFE Banking Act,” a bill that would grant the marijuana industry access to the federal banking system and open the doors to Wall Street investment, was passed once again by the United States House of Representatives. The bill now heads to the Senate, where it once again is unlikely to be brought to a vote in the foreseeable future.
Dr. Kevin Sabet, president of Smart Approaches to Marijuana (SAM) and a former senior drug policy advisor to the Obama Administration, released the following statement in response to the vote:
“This bill, the UN-SAFE Act, is nothing more than a backdoor attempt at legalizing marijuana. Allowing banking access to the marijuana industry would open up direct access to Wall Street investment into the sale and marketing of today’s highly potent marijuana at a time when such products are increasingly under scrutiny for their damaging effects on mental health.
“Passing this bill would be a significant gift to Big Tobacco, which has already invested billions into pot, officially partnered with Big Alcohol to lobby in support of federal marijuana policy, and is working with various actors like Charles Koch to discredit valid science on the harms of marijuana use. Granting this industry access to banks will bring billions of dollars of institutional investment from the titans of addiction and vastly expand the harms we are already witnessing.
“We are thankful for our allies in the House who pushed for a recorded vote on this bill, as the pot lobby attempted to pass it under the cover of suspension of the rules. We will never stop fighting to expose the marijuana industry and those who do its bidding accountable.”