September 25, 2019 - Issue: Vol. 165, No. 155 — Daily Edition116th Congress (2019 - 2020) - 1st Session

[Page H7979]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               MARIJUANA INDUSTRY NEEDS HELP FROM BANKERS

  (Mr. HORSFORD asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. HORSFORD. Madam Speaker, I rise today in overwhelming support of 
the SAFE Banking Act of 2019.
  Almost 3 years ago, Nevada voters went to the polls and voted to 
legalize recreational marijuana, making Nevada one of five States to 
legalize marijuana in the 2016 election.
  After its legalization, local business owners invested in Nevada's 
legal cannabis market, creating jobs and opportunity. The Nevada 
marijuana market quickly exceeded expectations, growing rapidly to 
become a burgeoning industry.
  Within 10 months, Nevada also exceeded the initial 1-year projection 
of tax revenue, bringing in more than $55 million in taxes for our 
schools, money that would have otherwise flooded the illicit drug 
market. Today, Nevada raises more revenue from cannabis excise taxes 
than alcohol excise taxes.
  Interestingly enough, the marijuana industry did this without 
incurring vast detriments to society, creating an addiction crisis, or 
serving as a gateway drug, as marijuana opponents have long argued.

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