The House Republican Party Committee, an advisory group to the GOP, has issued a policy guide opposing marijuana banking reform.
The commitee said that proposed laws such as the SAFE Banking Act “would allow banks to knowingly accept drug money.”
The policy guide also notes that in four states that have legalized marijuana for recreational purposes — Alaska, Colorado, Oregon, and California — violent crime has increased since legalization.
“Marijuana is a dangerous, addictive drug with no mechanism to control rouge [sic] producers from increasing potency and causing more harm,” the document argues. “Rather than labeling marijuana as a recreational drug, it should be labeled for what it is — a gateway drug that increases schizophrenia and impairs cognitive ability.”
The committee also argues that cannabis has a negative impact on the workforce, such as an increase in absences, and on the job injuries and accidents.
Last week, cannabis stocks rallied on word that Senate Majority Leader Chuck Schumer (D-N.Y.) was circulating a petition to voters to support the SAFER Banking Act, which has bipartisan support.
Multi-state operators: Ascend Wellness (ASND), Curaleaf Holdings (OTCPK:CURLF), Cresco Labs (OTCQX:CRLBF), Green Thumb Industries (OTCQX:GTBIF), Trulieve Cannabis (OTCQX:TCNNF), Ayr Wellness (OTCQX:AYRWF), Verano Holdings (OTCQX:VRNOF), and Jushi Holdings (OTCQX:JUSHF).
Canadian cannabis companies: Tilray Brands (TLRY), Canopy Growth (CGC), and Aurora Cannabis (ACB).