“With the right balance, the SAFE Banking Act can help close the gap, be a powerful force for good and begin paving the way for minority entrepreneurs to thrive in the cannabis industry.”
By Tahir Johnson, Minority Cannabis Business Association and Simply Pure Trenton
As a board member of the Minority Cannabis Business Association (MCBA), as well as a minority cannabis operator, I have witnessed firsthand the challenges that minority entrepreneurs face in the rapidly growing cannabis industry.
I also have the experience of having worked in the financial services industry at Morgan Stanley before I left my job as a financial advisor to become a budtender—which began my improbable journey as a cannabis entrepreneur. After five years of hustling, and losing out on a license in Maryland, I was just recently awarded a license in my home town of Trenton, New Jersey where I’m focused on building an unparalleled dispensary experience under the Simply Pure brand.
From MCBA’s inception in 2015, our organization has been actively working to promote equitable policies in the cannabis marketplace.
That’s why we have been strong supporters of the Secure and Fair Enforcement (SAFE) Banking Act, a bill that would provide much-needed financial services to the legal cannabis industry, including minority-owned businesses.
After years of advocacy, we are pleased to see the inclusion of Community Development Financial Institutions (CDFIs) in the latest version of the SAFE Banking…