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6.23.2022: Treasurer Dave Young Statement on SAFE Banking Act

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For Immediate Release

Sheena Kadi

Communications Director & Public Information Officer

Colorado Treasurer Dave Young’s Statement on SAFE Banking Act

“In the decade since states around the country acted to legalize and regulate markets for the medical and recreational use of cannabis products, the industry has operated without equitable access to banking, forcing cannabis retailers to operate primarily in cash. The result is a 21st century Wild West in which armed hold ups and storefront heists are becoming an all-too-common risk. 

I've advocated for the SAFE Banking Act since becoming state treasurer. I strongly support Congressman Pearlmutter's continued efforts to ensure that Colorado's cannabis industry can operate safely and without fear of leaving employees vulnerable as targets for one-off opportunists and organized criminals alike. 

We must pass the SAFE Banking Act as part of the America COMPETES Act, other legislative vehicles, or as a standalone bill to allow our legal cannabis businesses to participate in the federal banking system.”