Recent polling conducted by the Independent Community Bankers of America (ICBA) suggests a majority of Americans are in favor of granting cannabis companies access to traditional banking services, citing potential benefits to public safety and underserved communities.
According to the data released ahead of the 2024 ICBA Capital Summit in Washington, D.C.:
- 64% of Americans believe the Secure And Fair Enforcement Regulation (SAFER) Banking Act, which protects federally regulated financial institutions serving state-legal cannabis companies, would enhance public safety.
- Additionally, 54% of respondents agree that allowing cannabis companies to utilize traditional banking systems would benefit underserved communities.
Moreover, the ICBA polling data indicates broader sentiments regarding financial regulation:
- 63% of American adults believe cryptocurrencies should be regulated at least as stringently as banks.
- 68% of respondents believe credit union customers should receive the same consumer protections as bank customers.
However, despite growing public support for cannabis banking reform, the American Bankers Association (ABA) suggests that simply rescheduling cannabis under the Controlled Substances Act to Schedule III may not suffice to grant access to traditional banking services for state-legal cannabis markets. According to the ABA, congressional adoption of the SAFER Banking Act or a similar proposal is necessary to provide the industry with proper banking access.
The conversation surrounding cannabis banking reform continues to evolve, with public opinion and legislative action playing critical roles in shaping the future of financial services for the cannabis industry.
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