Report for SAFE Banking interests debates, but says marijuana law needs to go further.

With the Safe Banking Act’s future uncertain, a new report debates how its passage could reduce cannabis theft and reduce current banking costs for marijuana businesses.

The Safe Bank Act allows Legal cannabis businesses to do business with the US financial system.

While the Dangerous Delay report, written by StoptheDrugWar.org’s David Borden, focuses on marijuana dispensary fraud, it also examines the relationship between the lack of banking access for cannabis businesses and violent crime.

While Borden acknowledges that CFE will help the banking industry, he cautions that it only provides deposit services, as some may think, and not accepting electronic payments by debit or credit card.

“There are knowledgeable participants in the cannabis and financial industries who believe SAFE is sufficient to bring credit card networks,” the report said. From the people we spoke to, those in banking or close to industrial process and management were very promising.

“Language should be developed to encourage the major card networks to use at least other electronic transactions such as debit cards and payment applications and websites to use their networks,” Borden advised.

However, Borden said the Safe Banking pass allows distributors to transport cash to banks more often and allow them to pass more frequently — as opposed to several times a day or every day, as opposed to now every minute, the cash in the stores decreases.

He added that the legislation would prompt the US Treasury’s Financial Crimes Enforcement Network (FINCEN) and other regulators to update their guidelines, which would further address threats from financial service providers.

Multistate operators: Cresco Labs (OTCQX:CRLBF); Columbia Care (OTCQX: CCHWF); Trulieve Cannabis (OTCQX: TCNNF); Green Thumb Industries (OTCQX:GTBIF); Curaleaf Holdings (OTCPK: CURLF ); MedMen Enterprises (OTCQB:MMNFF); Acreage Holdings (OTCQX: ACRHF); Ayr Wellness (OTCQX:AYRWF); Verano Holdings (OTCQX: VRNOF ); and Jushi Holdings (OTCQX:JUSHF).

In the House, Rep. Earl Perlmutter (D-Colo.), the original sponsor of Safe Banking, said he would soon try to attach the legislation to a spending bill.