Statement from SAM President Kevin Sabet Regarding Defeat of Banking Amendment

Today, the House Appropriations Committee voted down the Joyce amendment which would have allowed full banking access to the marijuana industry. Dr. Kevin Sabet, founder and president of Smart Approaches to Marijuana Action released the following statement in response:

“This is a major victory for public health and families in communities across this country. Allowing banking access to the marijuana industry would have opened up direct access to Wall Street investment into the sales and marketing of pot candies, cookies, and ice creams. Instead, this action has successfully pushed back the creation of the next Big Tobacco.

“We know that the industry has been working for years to push products to younger audiences and wider markets, but the game has recently changed with the advent of the New Federalism Fund contracting with financial services powerhouse lobbying firm Brownstein Hyatt Farber and Schreck and leveraging the power of banking special interests. We at SAM have been tracking the donations and lobbying disclosures from these industries and will continue to monitor the flow of pot money in our legislative process.

“The industry paid a lot of money in an attempt to open the floodgates for investment, and the amendment was still defeated. Today, public health took on Big Pot–and public health won.”