Incoming Senate Banking Committee Chairman Open to Cannabis Banking Reform

Sen. Pat Toomey says cannabis businesses should have access to banking services.

WASHINGTON – PRESS RELEASE – Incoming Senate Banking Committee Chairman Sen. Pat Toomey (R-PA) is open to supporting legislation that would provide cannabis businesses with access to banking services, according to recent reports in Politico.

“I am sympathetic to the idea that people who are involved in [the] cannabis industry—in an entirely legal fashion, in the state in which they operate—ought to be able to have ordinary banking services,” Toomey said. “That's my starting point, and then there's a lot of details to work out, but I am open to that.”

“We are encouraged by Sen. Toomey’s words and look forward to working with him and the Senate Banking Committee. It’s clear that cannabis reform can cross party lines and lead to sound, modern approaches to unlocking the industry’s potential,” said Kim Rivers, National Cannabis Roundtable second vice chair, and chief executive officer of Trulieve Cannabis Corp.

Providing access to banking services for cannabis companies has broad support among elected officials and policymakers, and the SAFE Banking Act passed the U.S. House of Representatives last year with bipartisan support.