A cannabis advocacy group showed up to a Capitol Hill rally in Washington, D.C. on Oct. 8 with a giant 51-foot joint in support of full legalization and a cannabis banking bill.
According to Bloomberg, the rally was a call to action to pass the The Secure and Fair Enforcement (SAFE) Banking Act of 2019 , an act that would allow for legal cannabis banking and pave the way for full legalization in the near future.
This measure would be a game-changer for existing businesses, as it would allow for easy access to banking and a brighter future for the industry. It’s also a huge deal on a federal level because it would essentially put the framework in place for a legal industry in the future.
Experts claim that this measure would be “like the first domino for federal legalization,” at least according to Adam Eidinger, a cannabis activist interviewed by Bloomberg. “We need federal regulations for that. We need to come up with a tax system for interstate commerce, but the Banking Act is the first step.”
Luckily, this bill also has bipartisan support so far, as many politicians believe cannabis banking shouldn’t have to operate in the shadows. “Credit unions have already been handling banking for marijuana. But your big banks, your traditional banks have not been,” said Eleanor Holmes Norton, a non-voting delegate to the House representing the District of Columbia, at the rally. “It is important that those who are involved in marijuana trade not be carrying around socks of money against their own safety and public safety.”
The joint, which was brought to drive this point home, was marked with the words “Congress, Pass the Joint.” While the legal industry has been calling for cannabis banking for some time now, it’s no surprise that this spurred an even bigger response than a normal cannabis bill would. With the 2020 elections just around the corner, many are looking forward to a possible future where cannabis is legal in the U.S.