The American Bar Association (ABA) has adopted a resolution urging for the passage of federal legislation facilitating banks and other financial institutions to legally interact with licensed cannabis businesses.
The resolution calls for the “enactment of [federal] laws to ensure that it shall not constitute a federal crime for banks and financial institutions to provide cannabis-related services.”
Under existing law, banks are discouraged from engaging with state-licensed marijuana businesses. In September, members of the US House of Representatives voted 321 to 103 in favor of HR 1595: The SAFE Banking Act, amending federal law so that financial institutions may work directly with state-legal marijuana businesses without fear of federal repercussions. The bill now awaits action from the Senate Banking Committee. However, Committee Chair Mike Crapo (R-IN) has expressed opposition to the measure.
In 2019, the ABA adopted a separate resolution urging Congress “to enact legislation to remove marijuana from Schedule I of the Controlled Substances Act.” With over 400,000 members, the American Bar Association is among the largest voluntary organizations in the world.