Cannabis banking reform has come to Capitol Hill. The Senate has tentatively scheduled a hearing that would address the lack of access that cannabis enterprises have when it comes to banking and economic solutions. The Federal Committee on Banking, Housing and Urban Affairs created the selection and it was aimed at getting a answer for the banking issue that quite a few legal cannabis enterprises face.
As it at the moment stands, legal cannabis places like retail shops and dispensaries can only accept money, due to the continued prohibition of the plant at the federal level. This bill could potentially adjust that – and ultimately commence to place legal cannabis enterprises on par with each other reputable enterprise.
The hearing will be held prior to the Senate on July 23rd, known as “Challenges for Cannabis and Banking: Outdoors Perspectives”. The hearing will include things like testimony from sponsors of the Safe and Fair Enforcement (Secure) Banking Act of 2019 (S. 1200) and representatives of the legal cannabis, economic, and credit union industries.
Due to ridiculous present federal law and regulations, any revenue received by legal cannabis enterprises is nonetheless noticed as drug revenue and revenue laundering. This indicates that any revenue received from legal cannabis in any state is nonetheless viewed as a federal crime. This has forced dispensaries and legal cannabis retailers to only deal in money. Accepting only money brings about a plethora of safety difficulties, each at the place and in transport to banks.
There are various witnesses who are prepared to testify at the hearing. They include things like Democratic Sen. Jeff Merkley of Oregon, the sponsor of the Secure Act, and Sen. Cory Gardner, a Republican from Colorado who is one particular of the 31 Senate co-sponsors of the bill. It is terrific to see that lawmakers are taking action in help of the reputable legal cannabis business. Additional need to adhere to suit, as it is not proper for cannabis enterprises to have to reside in the shadows any longer.
This hearing will hopefully address these difficulties, and bring legal cannabis enterprises up to speed with these in other industries. Liquor shops clearly do not have to deal with this nonsense, so why need to legal cannabis shops have to?
What do you feel? Will this hearing lead to superior economic access for legal cannabis places? Or is it just extra smoke and mirrors from politicians who like to hear themselves speak?