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Committee hears SJR 5 urging Congress to pass SAFER Banking Act for cannabis businesses
Summary
Senator Kazmaier and banking and cannabis-industry witnesses told the committee the resolution would help move state-legal cannabis businesses out of cash-only operations; no opponents spoke and the sponsor asked the committee to add the resolution to the agenda for executive action.
Senator Kazmaier introduced Senate Joint Resolution 5 to the House Business and Labor Committee, asking the U.S. Congress to pass the SAFER Banking Act to allow federally regulated financial services for state-legal cannabis businesses.
"It is simple resolution ask that United States Congress to pass the Safer Banking Act," Senator Kazmaier said, saying the change would let licensed marijuana businesses deposit cash and access loans and banking services for capital improvements and testing-lab expenses.
Sam Sill, for the Montana Bankers Association, supported the resolution and emphasized that the association takes no position on legalization but wants clarity so banks are not exposed to potential money-laundering liability when banking state-legal cannabis businesses. "SAFER addresses a conflict between state and federal law," Sill told the committee.
Kate Halawa of the Montana Cannabis Industry Association testified online in support, saying the resolution would reduce cash-only risks for businesses and communities. "This bill is really it just helps, on a variety of fronts, whether it's cannabis businesses, the banking industry, and just communities themselves," Halawa said.
There were no opponents in the room or on the record during the hearing. Senator Kazmaier asked the committee for a "due pass" on the resolution and said Representative Schoemer had agreed to carry it in the House if needed.
Ending: The committee added SJR 5 to its list for further consideration and said proxies would be resolved for any roll-call votes at the executive-action stage.
