Missouri Medical Cannabis Trade Association Letter to Congress Re; S.A.F.E. Banking Act
The Honorable ______ :
The Missouri Medical Cannabis Trade Association or MoCannTrade formed before the passing of Amendment 2 in Missouri’s November general election in anticipation of serving a critical role as the voice for the state’s emerging industry. Since November, we’ve worked with patients, advocates, veterans, industry experts, and medical professionals to ensure Missouri’s Department of Health and Senior Services (DHSS) has a smooth and effective implementation of the new law. Nearly 1.6 million Missourians voted to approve medical marijuana, making it the most popular issue or candidate on the November ballot. As Missouri’s Congressional Delegation, we hope that you will work with MoCannTrade to represent the interests of our state’s growing industry, which is estimated to generate 100’s of millions in economic activity and create new jobs, as well as the patients and veterans who worked tirelessly to ensure Missourians could access a safe, compassionate treatment option.
This Congress, a bipartisan bill is swiftly moving through the House of Representatives that could have a significant impact on Missouri’s medical marijuana industry. Last month, the Secure and Fair Enforcement (SAFE) Banking Act overwhelmingly passed the House Financial Services Committee with a large margin (45-15) of bipartisan support. Currently, most banks refuse business with many cannabis companies and service providers, who are operating legally under state law, for fear of legal penalties and the threat of federal regulators terminating their FDIC deposit insurance. The SAFE Banking Act would alleviate many of these regulatory burdens, allowing banks to work with these businesses and cannabis business owners to open checking accounts, credit cards, and payroll services, and otherwise basic operations that most businesses already benefit from.
If the SAFE Banking Act were to pass Congress this year, Missouri could become one of the first states where medical marijuana businesses have access to these critical financial services before dispensaries, cultivation and other facilities are operating. It would be an enormous advantage to our state and Missouri could mitigate many setbacks endured by others in cannabis-legal states.
We hope that we can count on Missouri’s delegation to support the SAFE Banking Act as it continues to move through Congress. Missourians strongly support medical marijuana and they want to see common-sense banking solutions. We believe it is in the best interest of your constituents and Missouri taxpayers that this new growing industry operate with accountability, transparency, and stability. The SAFE Banking Act can help us accomplish just that.
We look forward to being a resource when it comes to reliable, comprehensive information about this emerging Missouri industry. Please don’t hesitate to have your staff reach out to us with any questions and thank you for your continued commitment to public service and improving the lives of Missourians.
Executive Director | MoCannTrade
(Missouri Medical Cannabis Trade Association)
Back to News Overview