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* Get Weed * Delivery * Shops * Rewards * HT Apparel & CBD * Digital Archive * Magazine Subscription * Cannabis Cup * HIGHTIMES TV * Español * Get Weed * Delivery * Shops * Rewards * HT Apparel & CBD * Digital Archive * Magazine Subscription * Cannabis Cup * HIGHTIMES TV * Español FEATURED CATEGORIES News View Posts Guides View Posts Grow View Posts Events View Posts Entertainment View Posts Culture View Posts SOCIAL LINKS * News * Legalization * Politics * Browse By State * Arizona * Colorado * Michigan * Illinois * Oklahoma * Oregon * Washington * Business Read More THE REIGNING KING OF CANNABIS Read More CHRIS WEBBER LAUNCHES NEW STRAINS WITH ‘PLAYERS ONLY’ Read More CYBERATTACK LEAVES ONTARIO CANNABIS STORE UNABLE TO FILL ORDERS Read More NOW YOU CAN FIND AWARD-WINNING WEST COAST STRAINS IN MASSACHUSETTS Read More CANNABIS MARKET REPORT PROJECTS INDUSTRY VALUE AT $197.75B BY 2028 * Culture Read More FROM THE ARCHIVES: PETS ON POT (2007) Read More THE REIGNING KING OF CANNABIS Read More CHRIS WEBBER LAUNCHES NEW STRAINS WITH ‘PLAYERS ONLY’ Read More REAL LIFE SITUATIONS: THE ALLURE OF FELT Read More OUTSPOKEN CANNABIS ADVOCATE OLIVIA NEWTON-JOHN DIES AT 73 * Events Read More HIGH TIMES AT GRASS LANDS Read More THE WINNERS OF THE CANNABIS CUP SOCAL: PEOPLE’S CHOICE EDITION 2022 Read More DAN AYKROYD, JIM BELUSHI TO HEADLINE BLUES’D & INFUSED FEST AS THE BLUES BROTHERS Read More JUST ANNOUNCED – HIGH TIMES CANNABIS CUP MASSACHUSETTS: PEOPLE’S CHOICE EDITION 2022 Read More CALIFORNIA STATE FAIR ANNOUNCES CANNABIS AWARDS WINNERS IN FIRST-EVER COMPETITION * Grow Read More ARGENTINE SUPREME COURT ENDORSES MEDICAL CANNABIS HOME GROW Read More FROM THE ARCHIVES: GROWING UNDERCOVER CAMOUFLAGE (1981) Read More REVERSE WATERING POTTED PLANTS Read More CANNABIS CONSCIOUSNESS Read More HOT CANNABIS SEEDS TO GROW IN 2022 * Products Read More A TRIP THROUGH THE BOOMING INDUSTRY OF SEMI-PSYCHEDELIC PRODUCTS Read More JON’S STONE-COLD COP LIST #26: THE POST-HOLIDAY HASH RUNDOWN Read More HERE’S WHAT HAPPENED WHEN I USED A CBD TOPICAL FOR GETTING TATTOOED Read More GARCIA HAND PICKED LAUNCHES IN COLORADO Read More HANDS ON WITH THE PUFFCO PROXY * Shop * Magazine * IR Get Med Card Get Weed THE LATEST NEW ANALYSIS OF SAFE BANKING ACT ASKS FOR 10 AMENDMENTS TO IMPROVE EQUITY * News SEATTLE MAYOR INTRODUCES BILLS TO ENHANCE EQUITY IN CANNABIS INDUSTRY * Laws * News * Washington CALIFORNIA LEGISLATURE STRIPS PSYCHEDELICS DECRIMINALIZATION FROM SENATE BILL * California News * Psychedelics REGULATORS APPROVE MEDICAL CANNABIS RULES IN ALABAMA * Alabama * Laws * Legalization * News Home Marijuana News New Analysis of SAFE Banking Act Asks for 10 Amendments to Improve Equity * News NEW ANALYSIS OF SAFE BANKING ACT ASKS FOR 10 AMENDMENTS TO IMPROVE EQUITY Former cannabis regulators release an extensive analysis describing the problems with the SAFE Banking Act, and how to improve it. byNicole Potter August 15, 2022 Shutterstock Total 26 Shares A paper written by the Cannabis Regulators of Color Coalition (CRCC) was published by the Ohio State University Moritz College of Law on Aug. 12. The paper, entitled “Not a SAFE Bet: Equitable Access to Cannabis Banking, An Analysis of the SAFE Banking Act,” analyzes the Safe and Fair Enforcement Banking Act (SAFE), and includes numerous recommendations for improvement. Authors Cat Packer, Shaleen Title, Rafi Aliya Crockett, and Dasheeda Dawson state that the SAFE Banking Act isn’t enough in its current form. “But unfortunately, SAFE, as written, is unlikely to result in equitable access to financial services,” they wrote in the study abstract. “This paper summarizes the bill, analyzes why it would fall short of its purported goals, and makes recommendations to improve the bill.” “SAFE would address only the legal and regulatory consequences potentially faced by financial institutions for providing services to the cannabis industry,” the authors wrote in their executive summary. “Without additional legislative amendments to directly address challenges related to fair and equitable access to financial services, small and minority-owned cannabis businesses that currently have inadequate access to banking services or loans are likely to continue to be denied the full breadth and depth of services offered to others.” The authors compiled 10 recommendations that could help improve future reform of cannabis banking (check out the full explanation for each recommendation here.) In summary, these recommendations cover a thorough collection of topics of improvement, such as redirecting Internal Revenue Service code 280E funds, expanding requirements for anti-discrimination laws, identifying best practices for federal banking regulators, and much more. The authors concluded that although a cannabis policy gap has developed, now is the time to address these concerns. “The continued criminalization of cannabis at the federal level, coupled with an increasing number of states authorizing medical or adult-use cannabis activity, has resulted in an ever-widening policy gap between federal and state cannabis laws,” the authors said. “However, due to cannabis’s widely accepted medical use, existing state and local efforts to authorize, license and regulate cannabis for medical and adult-use, and bipartisan support from the American public regarding cannabis legalization, many believe that it is no longer a matter of ‘if’ or ‘when’ this gap will be addressed, but ‘how’.” Ultimately, the CRCC authors don’t recommend the SAFE Banking Act in its current form unless these topics are discussed. “As such, regardless of whether Congress decides to pass cannabis banking reform as a part of more comprehensive cannabis policy reform or as a standalone issue, Congress should ensure that any legislation related to cannabis banking reform includes explicit provisions that seek to ensure fair and equitable access to financial services for all in the cannabis industry. Until the SAFE Banking Act is amended to include such provisions it should not be considered a safe bet to achieve equity in cannabis banking.” The release of this paper, along with these 10 recommendations, arrives nearly one month after Senate Majority Leader Chuck Schumer, Senate Finance Committee Chairman Ron Wyden, and Sen. Cory Booker filed the Cannabis Administration and Opportunity Act in July. Reports predict that compromises could be made, with the possible release of a bill being referred to as “SAFE Banking Plus.” On Wednesday, Aug. 17, the CRCC is holding a Cannabis Regulatory Deep Dive to discuss this analysis with all four author contributors, as well as Maritza Perez, Director of the Office of Federal Affairs at the Drug Policy Alliance, who will moderate the meeting. The event will be held via Zoom at 12 p.m. ET. * cannabis reform * Cannabis Regulators of Color Coalition * Cat Packer * Dasheeda Dawson * Ohio State * Rafi Aliya Crockett * SAFE Banking Act * Shaleen Title Total 26 Shares Share Tweet Author Nicole Potter LEAVE A REPLY CANCEL REPLY Your email address will not be published. Required fields are marked * Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. View Comments (0) SIGN UP FOR OUR NEWSLETTERS Get notified of our the latest cannabis news, exclusive brand deals, events updates and more! Subscribe FOLLOW US Facebook 5.8M Twitter 720K Instagram 2.5M YouTube 270K TRENDING NOW * SEATTLE MAYOR INTRODUCES BILLS TO ENHANCE EQUITY IN CANNABIS INDUSTRY * CALIFORNIA LEGISLATURE STRIPS PSYCHEDELICS DECRIMINALIZATION FROM SENATE BILL * REGULATORS APPROVE MEDICAL CANNABIS RULES IN ALABAMA * NEW VR TECH EMULATES PSYCHEDELIC EXPERIENCE * FROM THE ARCHIVES: PETS ON POT (2007) RELATED POSTS Read More SEATTLE MAYOR INTRODUCES BILLS TO ENHANCE EQUITY IN CANNABIS INDUSTRY Seattle Mayor Bruce Harrell introduced three pieces of legislation to bolster social equity in cannabis. Read More REGULATORS APPROVE MEDICAL CANNABIS RULES IN ALABAMA The law, which passed last year, is getting closer to launch in Alabama. Read More NEW VR TECH EMULATES PSYCHEDELIC EXPERIENCE A recent study in Nature Scientific Reports found that the VR experience, Isness-D, showed the same effect as a medium dose of LSD or psilocybin on four key indicators. Read More DRAFT RULES PUBLISHED FOR U.S. VIRGIN ISLANDS MEDICAL CANNABIS PROGRAM Eight years after voters approved medical cannabis, the U.S. Virgin Islands is getting closer to launching its medical weed program. Read More MASSACHUSETTS GOVERNOR SIGNS CANNABIS SOCIAL EQUITY BILL Massachusetts Governor Charlie Baker approved legislation to overhaul the state’s marijuana regulations, including social equity provisions to encourage diverse representation in the legal cannabis industry. Read More RECREATIONAL POT QUESTION BACK ON ARKANSAS BALLOT—BUT WILL VOTES COUNT? The state Supreme Court ordered the amendment back on the ballot, but uncertainty remains. Read More NEW YORK TO START ACCEPTING DISPENSARY APPLICATIONS THIS MONTH The application period opens on August 25 in New York. Read More COLORADO CANNABIS INDUSTRY EXPERIENCES FIRST-EVER DECLINE For the first time since 2014 when the state legalized recreational pot, Colorado cannabis sales are trending down. Weekly Newsletter SUBSCRIBE FOR FREE Get notified of our the latest cannabis news, exclusive brand deals, events updates and more! Subscribe * Subscribe * Advertise * Classifieds * Legal Directory * Our Company * Terms of Use * Privacy Policy * California Residents Privacy Notice * Write For Us * Investor Relations Since 1974, High Times Magazine has been the #1 resource for cannabis news, culture, brands and marijuana legalization laws. Total 26 Share