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Attorneys Generals from 34 states and territories sent a letter today to Congressional leadership urging members to expeditiously pass The Secure and Fair Enforcement (SAFE) Banking Act so that state-licensed cannabis business can explicitly engage in relationships with banks and other financial institutions.
In the first of what is anticipated to be multiple Congressional votes to address the federal prohibition and criminalization of marijuana, the House Financial Services Committee will today voted to advance The SAFE Banking Act, HR 1595 , 45-15. So I would urge all of my colleagues so support H.R.
In the first in what are anticipated to be multiple Congressional hearings to address the federal prohibition and criminalization of marijuana, the House Financial Services Committee has scheduled to convene a markup on The Safe Banking Act, HR 1595 on Tuesday, March 26th. With 97.7% of the U.S. Thirty-three states, Washington, D.C.
A bipartisan coalition of more than 100 co-sponsors has reintroduced legislation in Congress, The Secure and Fair Enforcement Banking Act (SAFE Banking Act), HR 1595 , to allow state-licensed marijuana-related businesses to engage freely in relationships with banks and other financial institutions. This situation is untenable.
Members of the House of Representatives voted 321 to 103 in favor, representing 79% of the vote of HR 1595: The SAFE Banking Act, which amends federal law so that explicitly banks and other financial institutions may work directly with state-legal marijuana businesses. But we are not done. In fact, we’re just getting started.
The holiday season means many things to many people, but for Senator Mike Crapo (R-ID), it means walking back commitments to moving cannabis reform forward and turning into the Marijuana Grinch. Tell Senator Crapo that a 2% THC cap is unacceptable and that banking reform can’t wait. “Wait, what?!” ” you ask?
Banking has been a hurdle for cannabis businesses since the birth of the industry. Despite the fact that these businesses are state-legal, financial institutions have historically hesitated to work with them due to cannabis’ federally illegal status. A Long Road to CannabisBanking Reform.
Today, NORML and it’s national network of advocacy chapters released a memo to state lawmakers, regulators, prosecutors, and other interested parties providing guidance for how they can take emergency actions to better promote the health and welfare of cannabis consumers and the general public during the COVID pandemic.
A bipartisan group of 24 Senators stood up for public safety and for greater economic opportunities for legal cannabis businesses today by sending a letter to leadership in both chambers of Congress asking them to include cannabisbanking reform language in broad legislation currently being debated in conference committee.
In addition to the dramatic cuts to the weekly enhancements of state unemployment benefits and safety net programs proposed in the House’s version (The HEROES Act), the Senate’s package does not include language that would protect banks who service the legal cannabis industry. SAFE Banking Act.
The California Legislature passed Senate Bill 51 last week, allowing California state-chartered banks and credit unions to provide banking services for the states’ cannabis businesses. What’s the next step for California licensed cannabis business? The banking struggle is not limited to California.
The American Bankers Association and 51 state bankers associations today urged Senate leadership to include the SAFE Banking Act in the upcoming National Defense Authorization Act. Joint ABA SBA Letter to Senate SAFE Banking Act NDAA 12022021. ABA, State Associations Call for Inclusion of CannabisBanking Bill in NDAA.
Looks like marijuana banking is stuck, again. The banking associations from all 50 states and 1 U.S. territory sent a joint letter to leaders of the Senate Banking Committee on Monday, to urge advancement of bipartisan legislation that would protect financial institutions that service marijuana businesses.
A lot of people are unaware that cannabis businesses still have a hard time finding banking solutions. Banks don’t want to work with these businesses because the federal government has not legalized marijuana yet. This means that there can be difficulty with finding cannabisbanking solutions for your business.
Dispensaries and other marijuana industry companies continue to have difficult time getting cannabisbanking services. And because federal cannabis legislation appears stalled in the U.S. Senate, at least for the moment, some lawmakers are turning their attention to dealing with weed-related banking issues.
Tomorrow, a Republican-controlled Senate Banking Committee hearing will examine cannabis businesses’ lack of access to banking services to further consider the SAFE Banking Act. CUNA President and CEO, Jim Nussle, already commented: At its heart, cannabisbanking is a public safety issue.
As the tentacles of the federal policy of cannabis prohibition run deep into nearly every sector of American public policy, a new voice emerged to call for clarity regarding state-legal cannabis marketplaces: Federal Reserve Chair Jerome Powell. Cannabis businesses ought to be held to the same standards as other commercial enterprises.
Since COVID-19 rocked the economy, cannabis businesses and supply chains claim to have been playing catch-up to get back to business as usual. However, the question remainsjust how bad has inflation been affecting cannabis prices, cannabis business closures, and jobs in the cannabis sector?
Things are looking better and better for expanded cannabisbanking prospects. As we’ve discussed on the blog previously , the SAFE Banking Act would allow financial institutions to serve state-legal marijuana businesses without fear of federal repercussions. The Senate.
banking system to the legal marijuana industry. But most banks don’t want anything to do with money from the cannabis industry for fear it could expose them to legal trouble from the federal government, which still considers marijuana illegal. Most Americans live in states where marijuana is legally available in some form.
In a day and age when more than twenty percent of the population live in states which have legalized the marijuana market, and in an era where nearly every state has enacted some legal protections for the use of medical cannabis or its extracts, the time has come for federal lawmakers to end this senseless and cruel prohibition that ruins lives.
CannabisBanking. On Tuesday July 23, the Senate Committee on Banking, Housing, and Urban Affairs will discuss the growing need to provide banking services to cannabis businesses. Prior to the July 23 hearing, the SAFE Banking Act received widespread support among House members with 206 co-sponsors.
ARVADA – Governor Jared Polis and the Colorado Department of Regulatory Agencies (DORA) released a bold roadmap to provide clarity and guidance for state-chartered financial services industries that serve or seek to serve legal cannabis-related businesses. Roadmap to cannabis banking_January 2020. “As WATCH PRESS CONFERENCE.
After its introduction on Tuesday, March 26, 2019, the House Financial Services Committee has voted 45-15 to advance the SAFE Banking Act of 2019 to the House floor on a to-be-determined date. Currently, the Safe Banking Act has 152 cosponsors, including 12 Republicans, which is more than one-third of the entire House of Representatives.
Although this resolution is limited in scope, pending legislation on the horizon would definitively remedy this issue, specifically the Secure and Fair Enforcement (“SAFE”) Banking Act. As of June 5 th , 2019 the SAFE Banking Act has been placed on the Union Calendar (Calendar No. Victor Fox is not an attorney.
lawmakers are once again exploring efforts to allow legal cannabis businesses access to banks. The Democratic-controlled House Financial Services Committee on Wednesday held a hearing to discuss the Secure and Fair Enforcement Banking Act of 2019, also known as the SAFE Banking Act, reports Yahoo Finance.
The US House Energy and Commerce Subcommittee on Health will hold a legislative hearing entitled “Cannabis Policies for the New Decade.” Legislation is pending, House Bill 1089, to protect cannabis consumers from employment discrimination. Welcome to the latest edition of NORML’s Weekly Legislative Roundup!
Senator Mitch McConnell (R-KY) criticized the cannabisbanking provisions in the latest stimulus bill, while state Attorneys General wrote a letter supporting them. cannabisbanking. The marijuana industry was optimistic about the inclusion of the SAFE Banking Act in the HEROES bill last week. and finally.
Cannabis dispensary owners and employees are hoping to see a decrease in armed robberies with the passage of a bill imposing stricter penalties for offenders. 22, cannabis outlets have reported 169 armed robberies since the beginning of the year. 22, cannabis outlets have reported 169 armed robberies since the beginning of the year. “We
When it comes to any hot-button issue like cannabis legalization, there are always two sides, often without much middle ground. Nixons War on Drugs The Nixon administration took the racially-charged propaganda behind cannabis prohibition even further by unofficially beginning the War on Drugs in 1971.
He’s demanding more studies and much tighter rules around banking and the crop. We have to say after the industry’s performance on graft and corruption this past year cannabis partly has itself to blame. Chairman Crapo Outlines Concerns with CannabisBanking Legislation.
It looks like marijuana banking will not be part of the NDAA. Medical cannabis could become part of veterans’ healthcare. marijuana banking. Advocates of allowing the banking industry to serve cannabis businesses have seen many opportunities to enact legislation come and go. medical cannabis for veterans.
House Financial Services Committee has passed The Safe Banking Act, HR 1595 out of committee this week. Governor Jim Justice (R) of West Virginia signed legislation into law that allows financial institutions to provide banking services related to the state’s medical marijuana program. It now awaits consideration by the U.S.
Six years after introducing the Secure and Fair Enforcement (SAFE) Banking Act, a cannabisbanking reform measure, co-author Denny Heck finally saw it enjoy its first committee hearing in Congress on Wednesday. Here’s How Cannabis Companies Are Banking Legally on the Down Low. Heck and Rep. RELATED STORY.
Starting a cannabis business can be both exciting and challenging. With the rapid expansion of the cannabis industry, entrepreneurs face a range of legal and regulatory hurdles that can make the process daunting. However, having an experienced cannabis lawyer by your side can significantly streamline the process and minimize risks.
The US House just reintroduced the Secure and Fair Enforcement ( SAFE ) Banking Act, an act that if passed, would help the cannabis industry have access to financial services. Because cannabis is still federally illegal, cannabis businesses have difficulty accessing banking , credit card processing, and business deductions for taxes.
Impacts include risks to public safety and security, impacts on governmental regulatory agency access to banking and depository services, and impacts on small and minority cannabis businesses. CANNRA+Banking+Letter_FINAL.
adopted a resolution imploring Congress to pass a bill to safeguard banks that work with state-legal marijuana businesses from federal penalties. Last year, the organization adopted a separate measure calling for an end federal cannabis prohibition and promoting social equity in the industry. Read the full report at .
Seattle-based cannabisbanking startup Shield Compliance is beefing up its staff. Before her role at Shield, Cantrell spent more than 12 years at the Republic Bank of Chicago. She has 20 years of banking experience, the company said. Cantrell is the new executive vice president of payments and strategic alliances.
House of Representatives approved the Secure and Fair Enforcement (SAFE) Banking Act 321-103. It is the first standalone cannabis policy reform bill to ever reach a House floor vote. Neal Levine of the Cannabis Trade Federation states … The bipartisan SAFE Banking Act ( H.R.1595 1595 ) was introduced by Reps.
We have some information on the SAFER Banking Act – will the “R” make all the difference? There’s some upheaval in the Massachusetts cannabis world. SAFER BANKING ACT “A rose, by any other name, would smell as sweet,” says Shakespeare. SAFER BANKING ACT “A rose, by any other name, would smell as sweet,” says Shakespeare.
The California Cannabis Industry Association (CCIA) is calling for cannabis businesses to join them in imploring Speaker Pelosi to prioritize the Secure and Fair Enforcement Banking Act (SAFE Banking Act). What is the SAFE Banking Act? The cutoff time of today, August 4 at 5 pm is quickly approaching.
Banking associations representing all 50 states and one U.S. territory sent a letter to Senate leaders on Thursday, imploring them to include marijuana banking reform in a large-scale manufacturing bill that’s heading to bicameral conference. ABA and SBA Letter to the Senate Support SAFE Banking in America COMPETES Act 04282022.
consumers support all legal cannabis businesses — including hemp and CBD — having access to banking services. 65% support allowing cannabis businesses to access banking services (e.g. checking accounts, business loans) in states where cannabis is legal. Of the 2,210 adults interviewed for the survey — .
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