Statement from The Liaison Group, Author of the SAFE Banking for Equity Letter to Senate Banking Committee

Legislative Updates May 24, 2023

FOR IMMEDIATE RELEASE

On May 18, 2023, The Liaison Group (TLG) released a letter on behalf of SAFE Banking for Equity (SAFE4Equity) to the leadership of the U.S. Senate Banking Committee following the committee’s May 11^th hearing examining cannabis banking challenges of small businesses and workers intended to highlight the urgent need for Congress to pass the SAFE Banking Act and provide access to capital for minority and social equity operators. This letter was sent without the approval of the affiliated organizations with SAFE4Equity. TLG takes full accountability and sincerely apologizes to the Asian Americans for Cannabis Education (AACE), Black Buddha Cannabis, California Minority Alliance, Holistic Solutions, Marijuana Matters, Minorities for Medical Marijuana, National Hispanic Cannabis Council, Roll Up Life, Inc and Women Grow LLC, all affiliate members of SAFE4Equity. This letter was sent on their behalf without proper approval nor did the affiliates review the drafted letter before its release, and TLG takes full responsibility for this negligent action.

The Liaison Group acknowledges that language referencing “Chinese-backed investments” was a misguided attempt and poor judgment. The reference was inappropriate and should not have been utilized. We wrongfully characterized and inappropriately singled out one element of the unregulated market by doing so. TLG sincerely apologizes for the harm caused by this language and letter and is committed to doing better. Words matter, and it was never our intention to further harmful racist and xenophobic sentiments. The SAFE4Equity affiliate organizations work to build and represent a more diverse and equitable industry and do not support the reference made in this letter. As the authors of this letter, we take full responsibility for our inappropriate actions and any harm they have caused.

SAFE4Equity affiliates will be submitting a revised letter for the record that clearly represents their position.

Statement from The Liaison Group, Author of the SAFE Banking for Equity Letter to Senate Banking Committee

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