Topic: Banking/Financial Services

Sen. Gardner: SAFE Banking Act Could be Passed “In a Matter of Months”

As we’ve written about extensively, the SAFE Banking Act has gone through several twists and turns. The proposed bill would remove restrictions on banks and insurance companies that effectively prohibit them from offering services to marijuana-related businesses. Because of these restrictions, most cannabis businesses are forced to operate in cash only, which causes a multitude of problems, from safety to logistics to tax oversight.

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SAFE Banking Act in “Stall Pattern”

After passing the House in September with bipartisan support, the SAFE Banking Act seemed to have momentum. Senate Banking Chair Mike Crapo even stated he wanted his committee to mark up the bill before the end of this calendar year. But after committee members raised a few small issues, negotiations slowed significantly, eviscerating the bill’s previous momentum.

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Back in Session: A Look at California’s Latest Cannabis Bills

Though it still feels like summer in balmy Los Angeles, school is back in session and so is the California legislature. From banking reform to labeling, state legislators are set to mull over at least five bills directly impacting the $2.5 billion legal cannabis industry in California, now ranked the fifth largest economy in the world.

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Senate Banking Committee Holds Hearing on Banking Reform; Now We Wait

The Senate Committee on Banking, Housing, and Urban Affairs yesterday hosted a hearing titled “Challenges for Cannabis and Banking: Outside Perspectives.” This long-awaited congressional hearing focused on the challenges state-legal cannabis companies face in utilizing traditional financial services during federal prohibition. As expected, the Secure And Fair Enforcement Banking Act (“SAFE Banking Act”) was a main focus of attention.

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A Break in the Dam: Senate Committee to Hold Hearing on Cannabis Banking Next Week

Allowing cannabis companies to access traditional banks and financial services has bipartisan support in the U.S. Congress. And it is a no-brainer; barring cannabis companies from accessing financial services is a public safety risk and a massive hindrance to business efficiency and tax collection, with no corresponding benefits.

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