Velazquez pushes for marijuana banking reforms, as Schumer calls for larger cannabis overhaul

October 14, 2021

Despite the national cannabis industry’s rapid and continued growth, cannabis remains illegal at the federal level, prohibiting access to bank services for cannabis businesses. Representative Nydia Velasquez is one of several lawmakers advocating for the SAFE Banking Act, a bill preventing the punishment of banks that support cannabis businesses.

Adam Goers, Columbia Care’s Senior VP of Corporate Affairs, maintains that the prohibition of bank services is a significant hurdle for cannabis businesses that must change in the interest of a profitable and equitable cannabis industry. 

Read more on NY1 Spectrum.