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64% Of Americans Support The SAFER Banking Act According To New Poll

State-legal cannabis companies in the United States may not experience as many banking issues as they did in past decades, however, it’s still a major issue facing the nation’s emerging cannabis industry.

For years, cannabis advocates have pushed for comprehensive, national banking reform in the United States. The SAFER Banking Act has garnered considerable support from the industry and members of Congress.

The SAFER Banking Act would provide “protections for federally regulated financial institutions that serve state-sanctioned marijuana businesses” and in addition to being supported by the industry and lawmakers, it is also supported by a strong majority of the American public according to a recent poll conducted by Independent Community Bankers of America.

“64% of Americans agree that the SAFER Banking Act’s provisions allowing cannabis-related businesses to access the banking system would help improve public safety.” the Independent Community Bankers of America stated in a press release.

“54% agree that opening the banking system to cannabis-related businesses would help underserved communities.” the Independent Community Bankers of America also stated.

The United States adult-use cannabis industry has generated over $20 billion in total tax revenue since the first legal recreational cannabis purchase was made in Colorado on January 1st, 2014 according to a new report by the Marijuana Policy Project.

“Through the first quarter of 2024, states have reported a combined total of more than $20 billion in tax revenue from legal, adult-use cannabis sales. In 2023 alone, legalization states generated more than $4 billion in cannabis tax revenue from adult-use sales, which is the most revenue generated by cannabis sales in a single year.” the Marijuana Policy project stated in a press release.

Total legal cannabis sales in the United States are expected to reach $31.4 billion in 2024 according to a recent analysis by Whitney Economics. Additionally, leading cannabis jobs platform Vangst, in conjunction with Whitney Economics, estimates that the legal cannabis industry now supports 440,445 full time-equivalent cannabis jobs in the United States.

Whitney Economics also projects the following legal cannabis sales figures in the United States for the coming years:

  • 2024: $31.4 billion (9.1% growth from 2023)
  • 2025: $35.2 billion (12.1% growth from 2024)
  • 2030: $67.2 billion
  • 2035: $87.0 billion

The emerging legal cannabis industry in the United States is projected to add roughly $112 billion to the nation’s economy in 2024 according to a newly released analysis by MJBiz Daily. The projection is part of the company’s 2024 MJBiz Factbook.

“The total U.S. economic impact generated by regulated marijuana sales could top $112.4 billion in 2024, about 12% more than last year,” MJBiz stated in its initial reporting.