The so-called “SAFE Banking Act,” a bill that would grant the marijuana industry access to the federal banking system and open the doors to Wall Street investment, was introduced in the United States House of Representatives. Dr. Kevin Sabet, president of Smart Approaches to Marijuana (SAM) and a former senior drug policy advisor to the Obama Administration, released the following statement in response:
“This bill, the UN-SAFE Act, is nothing more than a backdoor attempt at legalizing marijuana. Allowing banking access to the marijuana industry would open up direct access to Wall Street investment into the sale and marketing of today’s highly potent marijuana at a time when such products are increasingly under scrutiny for their damaging effects on mental health.
“Passing this bill would be a significant gift to Big Tobacco, which has already invested billions into pot and officially partnered with Big Alcohol to lobby in support of federal marijuana policy. Granting this industry access to banks will bring billions of dollars of institutional investment from the titans of addiction and vastly expand the harms we are already witnessing.”