February 12, 2020 the Honorable Michael Crapo Chairman, United
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February 12, 2020 The Honorable Michael Crapo Chairman, United States Senate Committee on Banking, Housing and Urban Affairs United States Senate Washington, D.C. 20510 Dear Senator Crapo, Thank you for seeking comment on the Secure And Fair Enforcement (SAFE) Banking Act. As you know, the Act passed in the House of Representatives by a bipartisan vote of 321-103. We write to urge you to move the House version through Committee. We are entrepreneurs who work in the cannabis industry or work in industries that support the canna- bis industry. And we are writing because of the crucial importance of the passage of a bill that works for the small businesses that are helping this industry flourish in 33 states. We know from our person- al experiences, and those of our customers, suppliers, and employees, that the SAFE Banking Act as passed by the House of Representatives is the right approach to secure banking and payment pro- cessing services. This is not a partisan issue, or a regional issue. We are a bipartisan group, with operations spread across the United States. The ranks of impacted entrepreneurs is only growing. The state-legal canna- bis industry employs more than 200,000 people (with annual growth of 34%) and is estimated to have generated roughly $12 billion in retail sales in 2019. Longer-term projections see annual retail sales in the United States surpassing $28 billion by 2023. The cannabis industry delivered an estimated $40 billion economic impact on the United States in 2019. By 2023, it is estimated that the economic impact could exceed $100 billion. The industry is projected to add roughly 235,000 new jobs by 2023. By 2023, the cannabis industry could provide the equivalent of 475,000 full time jobs. There is no other American industry seeing this type of growth. Simply put, this is an issue of fairness and of safety. Because of the absence of banking reform that keeps pace with the federal hemp reforms and state-level medical and adult-use reforms, many can- nabis businesses struggle to obtain and maintain bank accounts. Yet, banking is a crucial element for this burgeoning industry to operate safely. Without banking services, U.S. businesses will continue to operate in a cash environment that endangers employees and the public. Every day that we wait is an- other day that our employees and the members of the public who patronize our businesses are at risk of robbery and assault because we operate in an all cash environment. In short, the SAFE Banking Act is a referendum on public safety for our small businesses. We are merely asking that you facilitate the availability of financial services to the hemp and state-legal cannabis industry in order to improve public safety, allow states and the federal government to easily track and collect tax revenue, and assist the state-legal industry to displace an illicit market that is cur- rently operating free from any regulatory oversight. The cannabis industry stands ready to work with your office on the myriad technical issues that you have suggested should be a priority, including making certain that these products are not available to children. Rest assured, these are priorities for us as well and an essential reason that we believe it is long overdue to tackle the illicit market for cannabis products. We urge you to work with the state-regulated cannabis industry, the financial services sector, and other interested stakeholders on a solution that supports, rather than hinders, this burgeoning industry and the will of the American public. Sincerely, Aaron Smith Neal Levine Executive Director Chief Executive Officer National Cannabis Industry Association Cannabis Trade Federation Steve Fox Christian Sederberg President Attorney VS Strategies Vicente Sederberg LLP Alena Rodriguez Steven Hawkins Managing Director Executive Director Rm3 Labs Marijuana Policy Project Michael Cooper John Lord Managing Member CEO and Owner MadisonJay Solutions Livwell Enlightened Health Yoko Miyashita Ryan Arthurs General Counsel Owner Leafly Ianthus Capital Management Omar Figueroa David Dinenberg Lawyer CEO Law Offices of Omar Figueroa Kind Khurshid Khoja Douglas Fischer Principal General Counsel Greenbridge Corporate Counsel Greenlane Andrew Kingsdale Diane Czarkowski Attorney Founding Partner Law Offices of Omar Figueroa Canna Advisors Ramon Alarcon Jeff Conner CEO CFO Wellness Insight Technologies Inc The Kanvas Co Ricardo Baca Lisa Conine Founder & CEO Community Outreach Coordinator Grasslands: A Journalism-Minded Agency Om of Medicine Haskell Kennedy Seun Adedeji President CEO Medicine Man Solutions, LLC Elev8Cannabis AC Braddock David Grigsby CEO Marketing Director Eden Labs Dixie Brands Tim Fitzpatrick Aaron Justis President - Oregon President Curaleaf Oregon, LLC Buds & Roses Collective, Inc Karen Bernstein Etienne Fontan Managing Partner Vice President Bernstein IP Berkeley Patients Group Glen Leibowitz Kris Krane CFO President Acreage Holdings 4Front Ventures Greg Huffaker Jeremy Riggle Director of Client Services Chief Scientist Canna Advisors Mary’s Nutritionals Ryan O’Malley Michael Kraft General Manager Compliance Manager Tahoe Wellness Center Papa & Barkley Patrick Bissen Ryan Zahler CEO Compliance Specialist Planet of The Vapes Flowhub Michael Scanlon Tamara Anderson Owner CEO 20/20 Growth Conferences Culinary and Cannabis Haley Andrew Annie Aubrey CEO CEO Dixon Wellness Chuck’s Wellness Center Elyse Auguste Brandon Bach CEO CEO Matrix Pot Haven Ridge LLC Brian Barbuto Russell Barnett CEO CEO Wrazel Chronic Tax Firm Heidi Baxley David Benett CEO CEO Solid Accounting Solutions LLC Bento Delivery Susan Agostinelli John Blosser CEO CEO Pure Hermosa NovaLux Healthcare Holdings, Inc. Byron Bogard Dana Borys CEO CEO Bynate Dana R. Borys, An Accountancy Corporation Thomas Boudrie David Brown CEO CEO Allitom LLC Elite Extraction Services Jarett Burke Christopher Callaway CEO CEO Kifcure, LLC Eureka Sky Johnna Calvillo Venus Caruso CEO CEO Can of Bliss deep CBDs Garth Case Jake Catt CEO CEO Jamrock Organics Gardenhouse Brands Keysha Charles Douglas Chloupek CEO CEO Kief Organics LLC Juva Life Travis Chrisman Christine Cintron CEO CEO Coastal Labs CDI Enterprise, LLC Karin Clarke Paul Coble CEO CEO KC Business Solutions Thalo Technologies Tara Coomans Robert Crossley CEO CEO Primo PR B&R Labs LLC Glenn Cybulski Steve Decker CEO CEO Tossed Sauced Baked LLC Santa Barbara Cannabis LLC John Delaplane Eric Delisle CEO CEO Equinox Botanicals Bloomstack Corp Brian Dell Daniel Delson CEO CEO Old Goat Farms Daniel Delson Strategic Communication Sevan Derohanian John Devore CEO CEO Shining Sun Distribution Inc. Urbn Farmers Bobby Diaz Mike Dorrance CEO CEO CanSact Evolution Risk LLC Michael Duga Colin Earl CEO CEO BH Partners SISU Consulting Michael Evans Matt Fagan CEO CEO WCW Enterprises LLC Buffalo Investments Aaron Fair Ali Fakhri CEO CEO TotaLeaf, Inc EventHi Inc. Ronald Falcioni Julian Farhoud CEO CEO Out Cannabis E&J Distributors, LLC Naycora Fauntleroy Dennis Ferrigno CEO CEO Codie Inc. The Grown Depot Michele Finn Justin Fischer CEO CEO Jubilee of Wellness VeriLeaf Dion Foley Paul Frank CEO CEO Cali Bio Hemp Solutions of Minnesota, LLC Courtney Freeman Mindy Galloway CEO CEO White Buffalo Khemia Liz Gehl Ron Gershoni CEO CEO Gehl Search Partners Jetty Extracts Melissa Gibson Merril Gilbert CEO CEO Hemp & Humanity TraceTrust Noni Goldman Wendi Goldsmith CEO CEO Four Trees Holyoke LLC Sustainability Visions LLC Kale Gray Nicole Griffith Barbieri CEO CEO Tokyo Starfish Convergence Laboratories, Inc Hab Haddad Noah Hamman CEO CEO GreenPoint AdvisorShares Ed Harris Shannon Hattan CEO CEO Pacific Growth Capital Fiddler’s Greens Martin Higgins Marco Hoffman CEO CEO URBANA Evergreen Herbal John Hopkins Ana Hory CEO CEO Bhang Technologies Inc. Chil LLC David Hua Haley Hunt CEO CEO Meadow Trulevia Douglas Hutchens Vernon Jackson CEO CEO Cannaste We Moving LLC George Jage Mary Jane CEO CEO Jage Media Inc. Miss Mary Jane’s California Jamie Jordan Anne Joyce CEO CEO Humble Oz, LLC. Libertyclothing Reena Kaven Adam Kern CEO CEO Tribe Tetra Worx Inc Krystal Kitahara Krystal Kitahara CEO CEO Yummi Karma Yummi Karma Corey Kite Sharon Krinsky CEO CEO Bonny Doon Organics Society Jane Jeff Kriozere Sara Krishnamachari CEO CEO GreenRX-ID Purple Lotus Patient Center Frank Labrozzi Nate Landau CEO CEO Novus Cannabis Medplan Mother No-Till LLC Diana Starr Langley Ana Leano-Williams CEO CEO Green Rush Alliances, LLC Seaweed Holistics, LLC Joe Leonard Larry Levy CEO CEO Bee Valley Farms Lucid Green Inc. Carsten Loe Tim Lozott CEO CEO YiLoCA Management Group, LLC Green Life Capital Bill Ludlow Karen Lustman CEO CEO CRATIV Packaging Senior-High Barron Lutz Mary Makoul CEO CEO Humboldt Private Reserve Pendram Bob Martin Sergio Mart√≠nez CEO CEO CWAnalytical Kaneh Bioinnovations Mike Mattioli Dennis Mattos CEO CEO DSM Group, LLC Sunbare Tour & Travel Dave McGee Donald McLaughlin CEO CEO Truhapa Capital Purepower Wellness LLC Patrick McManamon Sumit Mehta CEO CEO Cannasure Insurance Services, LLC MAZAKALI Ron Mellon David Mersky CEO CEO ProTerp Holdings, LP Sivannac Inc. Margot Micallef Sheryl Mizicko CEO CEO Sonoma Pacific Distribution Ideal Harvest Kelly Moore Khalil Moutawakkil CEO CEO Jet One Solutions, LLC KindPeoples Paul Muchowski Kelly Murtha CEO CEO Dr. Paul’s Rebel Edibles Ernie Pascua Joseph Pearson CEO CEO HQP Inc SPARC Karen Petersen Gina Pippin CEO CEO Ocanna - Ocannalife The Galley Zachary Pitts Moshe Prystowsky CEO CEO Ganja Goddess Pinsky Associates LLC Kary Radestock Michael Ramirez CEO