Senator Scott tends to avoid making firm stances on whether he believes marijuana should be legalized or criminalized. He has mentioned the importance of Congress deciding whether cannabis companies should have access to relationships with credit and banking unions. He believes bank access is crucial for the stabiltiy and safety of a company.
Holds office U.S. Senate
"In my home state of South Carolina, marijuana is largely still illegal, and I, myself, have concerns with it.
The Department of Justice and national law enforcement groups have expressed concerns that [the] SAFE Banking Act could create loopholes in our money-laundering laws making it harder to catch criminals that traffic weapons, fentanyl, and even people – much harder, which is a consequence that we must eliminate if this bill is to become law.
However, there are some states that have legalized marijuana, and now, we have legal state-based marijuana-related businesses throughout the country that depend on a relationship with their bank or credit union. And as a former small business owner, I understand and appreciate the importance of having that relationship with your financial institution. A banking relationship is crucial to providing safety and stability for a company – both employees and the customers it serves." (5/11/23)
"There is growing scientific evidence documenting the health risks associated with marijuana use including adverse effects on the lungs, the cardiovascular system, and possibly the immune & reproductive systems. However, I also understand the great importance of preserving the rights bestowed to the States." (7/20/11)
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