Michigan Attorney General Pushes Congress To Pass Marijuana Banking Bill After Issuing Warrants For Dispensary Break-Ins!

A series of break-ins at marijuana dispensaries in the state, according to the attorney general of Michigan, highlights the necessity of Congress passing cannabis banking reform.

Twelve warrants have been filed, according to attorney general Dana Nessel (D), for those who are allegedly responsible for breaking into 20 marijuana businesses last year. Their charges include breaking into a safe, a felony that carries a potential life sentence, and breaking and entering (a 10-year felony).

The state’s senior law enforcement officer stated that the suspected illegal behavior is a tragic illustration of why Congress must adopt the Secure and Fair Enforcement (SAFE) Banking Act as pressure on congressional lawmakers to pass cannabis banking legislation grows.

.@MIAttyGen @dananessel has issued warrants for 12 individuals responsible for over 20 marijuana dispensary break-ins across the state.
Michigan Attorney General Dana Nessel (@MIAttyGen) March 23, 2023

She claimed that because the cannabis industry lacks access to conventional banking, it is an easy target for fraudsters. In order to protect both the security of their own company and employees as well as public safety, every legitimate business should have equitable access to our banking institutions.

The SAFE Banking Act’s proponents have long contended that passing the legislation will benefit public safety by enabling state-legal marijuana businesses to use conventional financial services rather than relying mostly on cash transactions.

According to a report from StoptheDrugWar.org, marijuana companies in Washington State experienced an increase in burglaries and robberies in the latter part of last year, some of which were violent or fatal. It demonstrates that over the course of fewer than five months, about 100 shops were affected.

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Mike Pellicciotti, the state treasurer of Washington, has brought up the matter numerous times. Last year, he restated his request for a change in federal policy and talked about actions the state can take independently in the absence of action from Congress.

For the sake of public safety, U.S. Senate President Pro Tempore Patty Murray (D-WA) has also lobbied for the SAFE Banking Act’s adoption.

Sherrod Brown, the Democratic chairman of the Senate Banking Committee, stated on Wednesday that lawmakers must pass marijuana banking legislation this year. His Republican counterpart on the panel concurs that this Congress will likely see a resolution to the problem.

One day after the lead GOP sponsor of the SAFE Banking Act urged the financial sector to exert pressure on Congress to complete the task, Brown and Sen. Tim Scott (R-SC), the committee’s ranking member, both spoke at the American Bankers Association (ABA) Washington Summit.

Additionally, Brown stated that he believes the White House supports the proposed legislation.

This is significant since during a press briefing in January, White House Press Secretary Karine Jean-Pierre declined to specify what President Joe Biden thought about the policy idea, saying that Congress should decide.

Throughout state legislatures and Congress this year, the media is monitoring more than 1,000 cannabis, psychedelic, and drug policy measures.

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ALSO READ: Mississippi Lawmakers Send A Bill To The Governor That Changes The State’s Medical Marijuana Law

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Patrick McHenry, the Republican chairman of the House Financial Services Committee, appeared at the ABA Summit on Wednesday as well. He emphasized that the SAFE Banking Act is not a top priority for him, despite the fact that some of his Republican panel colleagues, including Rep. Dave Joyce (R-OH), are working to advance the matter.

McHenry had stated that, despite his continued opposition to the banking proposal, he would not obstruct it.

The bipartisan banking legislation has repeatedly passed the House in previous sessions, only for the Senate to remain deadlocked. On Tuesday, a coalition of cannabis industry organizations wrote to the leadership of the Senate Banking Committee encouraging them to take quick action.

The letter to Brown and Scott was written by the National Cannabis Roundtable, National Cannabis Industry Association, U.S. Cannabis Council, Minority Cannabis Business Association, and National Hispanic Cannabis Council.

They urged the committee to swiftly advance bipartisan legislation to enhance public safety and give these businesses the access to the capital they so desperately need, as well as to immediately schedule a hearing to discuss how the U.S. cannabis industry is suffering due to a lack of access to banking and other financial resources.

When leadership failed to approve the banking reform and other modest measures on matters like expungements as part of the so-called SAFE Plus package last session, advocates and industry stakeholders lost patience with the Senate.

Even with a divided Congress and Republicans controlling the House, Senate Majority Leader Charles Schumer (D-NY) stated last week that he is still dedicated to moving the legislation along with SAFE Banking author Sen. Steve Daines (R-MT).