[Congressional Record Volume 165, Number 155 (Wednesday, September 25, 2019)]
[House]
[Pages H7979-H7980]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 CANNABIS COMPANIES NEED FINANCIAL INSTITUTIONS TO HELP THEM START AND 
                                  GROW

  (Ms. PINGREE asked and was given permission to address the House for 
1 minute and to revise and extend her remarks.)

[[Page H7980]]

  

  Ms. PINGREE. Madam Speaker, I rise to support H.R. 1595, the SAFE 
Banking Act, which passed this House this afternoon.
  Maine voters have legalized marijuana. Like every other business, 
cannabis companies in Maine and other legalization States need 
financial institutions to help them start and grow.
  Maine credit unions and banks want to help. They were early advocates 
of the SAFE Banking Act. They recognize that a safe harbor is necessary 
so that lenders can assist this emerging industry sector, to the 
benefit of consumers, lenders, and law enforcement.
  Just yesterday, a banker from southern Maine contacted me out of 
regret. The bank had to close a long-time customer's account when they 
found out he was a delivery driver for a legal marijuana producer. Due 
to potential Federal liability, the bank lost a customer. The citizen 
lost his trusted financial institution.
  Does he have to keep his earnings under a mattress?
  This makes no sense. The SAFE Banking Act will fix this problem by 
allowing lenders to legally serve marijuana businesses. It promotes 
security by ensuring transactions are done through regulated 
institutions, not with bags of cash.

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