Leaf Street’s Tyler Klimas was invited to testify at the U.S. Senate Banking Subcommittee on Consumer Protection to support efforts to pass cannabis banking legislation in Congress. Klimas was asked questions regarding the impacts that the lack of traditional banking access has on state cannabis markets and cannabis operators across the United States.
Klimas, for his part, said in testimony submitted to the subcommittee that “no discussion of this issue is complete without addressing the challenges facing the cannabis industry and the role policy solutions like the SAFER Banking Act can play in addressing them.”
“Today, 40 states and territories have developed regulated cannabis markets, supporting hundreds of thousands of jobs and generating billions in state tax revenue. Yet many of these state-legal businesses continue to struggle to access basic financial services,” he said. “As a result, they remain cash-intensive, creating a significant public safety risk and an economic burden on small and medium-sized businesses that already operate on thin margins.”
Link to Coverage by Marijuana Moment
