Analysis: The nation's first stand-alone cannabis reform legislation has the opportunity to repair damage from the effects of the “war on drugs” on communities of color
with even tangential relationships to state licensed cannabis. Typically, the only banks providing services are community banks and credit unions, and that coverage is incomplete and inconsistent.
What is likely to happen from SAFE’s passage is more community banks and credit unions deciding to serve marijuana businesses. This should lower costs, increase security, make the cannabis black market even less appealing, and create new customers for community banks, credit unions and MDIs. Another challenge involves institutionalized rules and norms that still undermine the ability of people of color and women to have access to financial products in the same way and at the same rate as others. The ability of financial institutions to cite risk in the cannabis industry when it conveniences them and ignore it when it does not, allows racism and gender bias to continue.
SAFE addresses real and growing problems, even if incrementally. Its passage will not entirely fix the challenges that cannabis businesses face accessing financial services. Nor will it fully reverse institutionalized racism in American finance and commerce.
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