(Washington, DC) – Today, a diverse coalition of medical professionals, addiction treatment providers, drug prevention organizations, law enforcement, communities of faith, and public policy advocacy organizations sent a letter to every United States Senator expressing their concerns with the SAFE Banking Act.
“To put it simply, the passage of this piece of legislation would allow institutional investors to greatly expand the marijuana industry and counter public health measures. The marijuana industry does not need more access to money, which would allow them to advertise, promote, and commercialize their super-strength THC products,” said the letter, signed by groups such as Smart Approaches to Marijuana Action (SAM Action), NAACP Illinois State Conference, National Sheriffs’ Association, Concerned Women for America Legislative Action Committee, Family Policy Alliance, Family Research Council, and the Drug Free America Foundation.
“This legislation would not help communities of color, in fact, less than 2% of the entire marijuana industry is Black-owned, while most marijuana shops are in these communities. Instead, companies like Altria and Constellation Brands stand to benefit the most. Currently, they are barred from investing in the American marijuana industry. The SAFE Banking Act would remove all barriers to entry for their investment.
“It would be irresponsible to change the law in ways that encourage increased investment in the marijuana industry without any guardrails for public health, particularly when no other legislation regulating the public health impact of marijuana is likely to pass.”
The SAFE Banking Act would grant the marijuana industry access to banks and open the doors for billions of dollars in institutional investment from Big Tobacco, Big Pharma, alcohol conglomerates and Wall Street. Passing such sweeping legislation as the SAFE Banking Act would greatly reward the marijuana industry and set the table for further harms.
Full list of signees:
Smart Approaches to Marijuana Action (SAM Action)
Concerned Women for America Legislative Action Committee
NAACP Illinois State Conference
National Sheriffs’ Association
Family Research Council
Family Policy Alliance
Parent Action Network
Drug Free America Foundation, Inc.
National Drug & Alcohol Screening Association (NDASA)
National Families in Action
Creating Lasting Family Connections
Institute for Behavior and Health, Inc.
Rosenthal Center for Addiction Studies
Lake Plains Medical PLLC
About SAM Action