Inside the National Cannabis Roundtable in Washington, DC

Vangst/May 03, 2023

hero-graphic-Inside the National Cannabis Roundtable in Washington, DC

Vangst's Vice President of Product, Amy O'Callaghan's insights from the National Cannabis Roundtable session on April 26, 2023

Are you curious about what went down at the National Cannabis Roundtable in DC? Well, we’ve got you covered, with an inside look, thanks to Vangst’s Vice President of Product, Amy O’Callaghan. This past week, Amy represented Vangst and the cannabis industry as a whole as she lobbied for a better industry for all. This event proved to be an eye-opening experience, with insights into the current and future landscape of cannabis legalization. Attendees had the privilege of learning from some of the industry’s brightest minds, so hold on tight as we take you on a journey through some of the highlights and impressions from the event.

An Overview of SAFE Banking

The SAFE Banking Act aims to provide cannabis businesses with access to financial services and products, which are currently not available due to the federal illegality of cannabis. This lack of access to financial services creates several issues for cannabis businesses, including the need to operate solely with cash, making them vulnerable to robbery, money laundering, and other criminal activities.

By allowing cannabis businesses to access financial services, the SAFE Banking Act would reduce the complexity and security risks that come with operating solely in cash. For example, without access to banking services, cannabis businesses must keep large amounts of cash on hand, which can be difficult to manage and secure. This can lead to increased risk of theft, employee safety concerns, and operational difficulties.

With the passage of the SAFE Banking Act, cannabis businesses would be able to deposit their earnings in banks, obtain loans, and access other financial services that other businesses take for granted. This would reduce the need for cash on hand and make it easier for cannabis businesses to manage their finances and reduce operational complexity.

In addition, the SAFE Banking Act would increase security for frontline workers, such as dispensary staff, who currently handle large amounts of cash. With access to banking services, dispensaries would no longer need to keep large amounts of cash on hand, reducing the risk of robbery and other criminal activities.

Overall, the SAFE Banking Act would provide much-needed relief for the cannabis industry, reducing complexity and increasing security for cannabis businesses and their employees.

SAFE Banking Came Up Fast

During the event, it was announced that the Secure and Fair Enforcement (SAFE) Banking Act was reintroduced in both the House and the Senate on Wednesday, April 26 2023. The SAFE Banking Act would be amazing for frontline worker security, reducing operational complexity, and generally relieving some of the undue burden that operators and workers in the cannabis space experience today.

Access to Capital

While the SAFE Banking Act would provide significant benefits, it would not allow access to capital or level the playing field for cannabis operators versus operators from outside the US or outside the regulated industry in the US. There are known amendments being advocated for to address that gap if it's feasible to pass with that addition.

Proud to Work in Cannabis

Vangst is grateful to have the opportunity to represent our organization, job seekers, cannabis businesses, and the greater cannabis industry. While there is still a lot of work to be done before we can claim victory, we are energized by the momentum forward that we were able to witness at the National Cannabis Roundtable. However, we also understand that this is a mission that we cannot complete alone, and need the voices and support of everyone.

The Urgency for Support

The SAFE Banking Act is a crucial step forward for the cannabis industry, and we encourage everyone to contact their representatives to garner their support of the bill. So, come on folks, let’s move the cannabis industry forward! Visit "SAFE Banking Act 2023: Why It Matters, and Easy Ways to Contact Your Rep" to get started.

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