Karen Berger, PharmD, Medical Writer
House Speaker Nancy Pelosi introduced a coronavirus relief package this week, that includes banking reform for the legal cannabis industry. The $3 trillion bill is called the Health and Economic Recovery Omnibus Emergency Solutions Act, or HEROES Act, and is aimed at helping struggling Americans.
The HEROES Act would provide a “safe harbor” to banks that work with cannabis companies, and ensure that federal regulators cannot penalize or discourage a bank from providing services to a cannabis company, or to authorities who regulate the cannabis industry. The bill also protects individual workers. Federal regulators cannot encourage banks to refuse or cancel personal accounts of clients who work for legal cannabis companies.
MyCureAll wants to have protection for all legal cannabis businesses and individual workers. Those who work in the cannabis industry are just as hardworking and deserving as everyone else who needs assistance and job security. Medical cannabis is medicine – it is legitimate medical treatment. Many people choose to use medical cannabis for a variety of conditions like chronic pain, pain or nausea from cancer and/or chemotherapy, anxiety, stress, insomnia, PTSD, Crohn’s disease, multiple sclerosis, Lyme disease, and fibromyalgia, among others.
MyCureAll is happy to see this step in the right direction, and we encourage protection for all legal cannabis businesses and individual workers. We are glad that cannabis is being recognized as one of the fastest growing industries and employers that can lead the US from the current downturn. Unfortunately, however, the bill does not provide small business relief directly to cannabis companies. NORML Political Director Justin Strekal stated, “The inclusion of the SAFE Banking Act in the CARES 2 package is a positive development, but one that’s akin to applying a band-aid to a gaping wound…in the majority of states, these cannabis businesses have been deemed essential during this pandemic. But at the federal level, they are being cast aside by Congress. Those small cannabis businesses facing tough economic times are essentially being told by Congress to shutter their doors and fire their employees.”
We agree with Strekal’s statement. A national survey conducted by Leafly and the National Cannabis Roundtable found that tens of thousands of jobs could potentially be saved if federal money could go to legal cannabis companies. The survey found that 30% of cannabis companies would go out of business without relief, and 85% would be able to save jobs with stimulus money.
Because of older federal banking laws establishing cannabis as a cash industry, customers cannot use a credit or debit card at a legal cannabis company. Some cannabis workers can’t even get home or car loans.
We encourage continued and extensive acceptance of the legal cannabis industry businesses and workers. Hopefully, the more that cannabis is accepted, the more federal approval we will start to see, and the more insurance will start to reimburse for cannabis treatment.
At MyCureAll, we are working to get medical cannabis covered by insurance. Sign our petition at change.org! Our website offers a variety of pharmacist-approved CBD products in different formulations. Our revolutionary Canna-Meter will help you to have the best cannabis experience while saving you time and money. We are studying which strains and ratios of THC to CBD work best for each condition. Check out our website for more information!