This week, Senate Majority Leader Chuck Schumer (D-NY) announced that he plans to bring the Secure and Fair Enforcement Regulation (SAFER) Banking Act to the [Senate] floor with all due speed”.
This legislation would allow banks to accept the federally illegal proceeds from the sale of marijuana. This will set a precedent to allow other federally illegal industries to gain access to the banking system. Additionally, granting marijuana businesses access to the banking system will make it easier for them to do business, exacerbating the negative consequences of marijuana proliferation, including increased traffic fatalities, youth use rates, ER visits and hospitalizations. The following facts are particularly concerning:
- According to the National Highway Traffic Safety Administration (NHTSA), marijuana is the top drug detected in impaired drivers.
- A 2022 report from the Substance Abuse and Mental Health Services Administration (SAMHSA) states that marijuana was involved in 14% of drug-related emergency department visits in 2021. This is second only to alcohol.
- Quest Diagnostics research from 2023 (using 2022 data) indicates that marijuana positivity continues to increase in the US workforce. 3.6% of American workers used marijuana in 2020, compared to 3.9% in 2021, an 8.3% rate of increase in just one year.
- Today’s marijuana products include concentrates, edibles and vapes that can have concentrations of up to 99.99% THC and these are the drugs of choice for most teens who use.
- According to an August 2023 report from the National Institute on Drug Abuse (NIDA), daily marijuana use among those aged 19-30 reached their highest levels ever reported at 11% in 2021, compared to 8% in 2019 and 6% in 2012.
WHAT YOU CAN DO
Please send the sample letter below to your Senators raising concerns about the SAFER Banking Act ASAP and asking them to vote against this legislation. Your Senators need to hear from a resounding number of their constituents NOW.
HOW TO DO IT
Enter your information in the box on the right and click “Send Message” to send letters to your Senators asking them to vote “No” on the SAFER Banking Act.
Please oppose the SAFER Banking Act. This legislation would legitimize marijuana businesses that remain illegal under federal law. Granting these businesses access to the banking system will increase access and availability of high potency THC products that have serious public health and safety consequences, such as increased traffic fatalities, ER visits, hospitalizations and daily use rates. Today’s marijuana products can contain up to 99.99% THC and are the drug of choice for most teens who use. A 2023 NIDA report indicates that, in 2021, daily marijuana use among 19-30 year olds reached the highest levels ever reported at 11%. A 2023 Quest Diagnostics report indicates that marijuana positivity in the US workforce increased by a rate of 8.3% in just one year from 2020 to 2021. NHTSA reports that marijuana is the top drug detected in impaired drivers.
This legislation would result in strengthening the ability of international drug cartels to launder money from other illegal activities and is ill-advised as our nation grapples with the opioid and stimulant crises.
Vote “No” on the SAFER Banking Act.
Visit cadca.org to learn more about our substance use prevention advocacy efforts!
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