#safebankingact

[nycannabistimes]

#Repost @thecannabisinvestor ・・・ Republican Senator Calls on Bankers to “Unleash an Army” of Lobbyists to Pass Marijuana Banking Bill – The “SAFE” Banking Act More roadblocks? Or is there finally headway? 🔗Bio for full article🔗 #cannabisinvestor #safebanking #safebankingact #tci (at Manhattan, New York) https://www.instagram.com/p/CqVuLfruu8J/?igshid=NGJjMDIxMWI=

[beefent-blog]

#Safebankingact #Potstocks #Rhodeisland https://www.instagram.com/p/B3aZbRJj0c7/?igshid=1nsia5dvm862k

[yescannabis]

Why Banks Do Not Want To Work With Cannabis Companies – Part II: The SAFE Banking Act and the 2018 Farm Bill

Cannabis plant farm. Photo by Matteo Paganelli on Unsplash.

Hope lingers for the cannabis industry. In September 2019, the House overwhelmingly voted 321 to 103 and passed The SAFE (Secure and Fair Enforcement) Banking Act. This law seeks to grant protections to financial institutions that work with state-licensed cannabis companies, extending them the same safeguards afforded other businesses.

The Sheepscot General organic hemp farm and yellow truck. Photo provided by Taryn Marcus.

While The SAFE Banking Act awaits for its faith in Washington, D.C., businesses like Sheepscot General of Whitefield, Maine continue to struggle to attain access to bank services.

Sheepscot General grows organic hemp which technically is legal under the 2018 Farm Bill that legalized hemp at the federal level. This bill revised the Controlled Substances Act to clear hemp from the definition of marijuana. Hemp contains less than 0.3% or less THC content (by dry weight). So, while it isn’t entirely lacking psychoactive compounds, it will not get you high.

Keep reading.

[stonergirlstyle-blog]

The bill is certainly a step forward for the financial sector but has received significant push back.⁣ ⁣ Pro-cannabis activists & politicians criticized the move, arguing that the need for legislation centering “restorative justice” is more urgent than addressing the financial strife of businesses—that ending the war on the drugs means acknowledging the civil rights aspect that is so evident in the fabric of anti-marijuana/cannabis laws & enforcement. ⁣ ⁣ As you may know, white Americans own & operate the vast majority cannabis businesses, while black & brown Americans are disproportionately incarcerated for cannabis sales and possession, despite consumption being the same across races. ⁣ ⁣ 🇺🇸What are your thoughts? #STONERGIRLSTYLE (kaylasaidso) ✨⁣ #decriminalizeit #legalizeit #420life #cannabiscommunity #cannabiz #safebankingact #blackwomenincannabis #rollingpapers #backwoodsonly #hempblunts https://www.instagram.com/p/B3aYJBLB6Rr/?igshid=wyaz3rte156y

[djlewylew]

#CommonSenseFromCongress via @natlnorml (@get_regrann) - BREAKING: House Members Pass Historic Legislation Legitimizing Retail Cannabis Sales Washington, DC: Members of the House of Representatives voted 321 to 103 today, representing 79% of the vote, in favor 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. The YES votes represented 99% of the Democratic majority caucus and 47% of the Republican minority caucus. #NORML #Congress #SAFEBankingAct #SAFEBanking #marijuananews #marijuanavote #marijuanalaws https://www.instagram.com/p/B27AqBOB4bW/?igshid=1c7w8ehehaj1s

[cannabexchange]

New updates on the SAFE Banking Act are now available @cannabexchange website. If you took the time to review our first article on the SAFE Banking Act, don't miss this follow up and the latest changes that can have a positive impact on the financial institutions and other ancillary businesses that delve in the cannabis industry.  #SAFE #Banking #Act2 #Act #SAfeBankingAct #Cannabis #CannabisLaws #CannabisPolicy #CannabisNews #CannabisIndustry #Ancillary #HighLife #GetHigh #Weed #WeedLaws #WeedPolicy #Weedmaps @Weedstagram #WeedForLife #420Life #420LifeStyle #420HerbNews #420Herb #MarijuanaStories #MarijuanaNews #MarijuanaLife #MarijuanaArticles  https://www.instagram.com/p/B0mW22rBApr/?igshid=17nvddj8a3ie4

[snehab]

CBD Banking Access Included In House COVID Relief Bill

Lawmakers, advocates and stakeholders have been pushing for some form of cannabis reform to be inserted into the COVID relief bill legislation. And this time around, they were successful, with the language of the Secure and Fair Enforcement (SAFE) Banking Act making the cut. The CBD house leadership’s covid relief bill was introduced on Tuesday and includes provisions to safeguard banks that cater to Marijuana businesses from being penalized by federal regulators.

Chief sponsor of the standalone bill that is being included in the new broad package, Rep. Ed Perlmutter (D-CO), previously raised the issue in a Democratic Caucus meeting and said Speaker Nancy Peloski (D-CA) supported it. Speaker Peloski’s Tweet quoted, “I just learned the #SAFEBankingAct is included in the CARES 2.0 package. I have been pushing for this because the #COVID19 crisis has only exacerbated the risk posed to cannabis businesses & their employees & they need relief just like any other legitimate business. #copolitics”

House leadership’s shared a COVID relief bill

The text of the provision, which is attached to the 1,815-page COVID relief bill package states, “The purpose of this section is to increase public safety by ensuring access to financial services to cannabis-related legitimate businesses and service providers and reducie the amount of cash at such businesses.” A summary of the legislation states the banking section would “allow cannabis-related legitimate businesses that have remained open in many states during the COVID-19 pandemic as essential services, along with their service providers, to access banking services and products, as well as insurance.”

It continues to state, “This section also requires reports to Congress on access to financial services and barriers to marketplace entry for potential and existing minority-owned cannabis-related legitimate businesses”.

The House passed the SAFE Banking Act last year and it’s been in an undecided state in the Senate Banking Committee since then. There have been continuous negotiations over the bill, with Chairman Mike Crapo (R-ID) recommending a series of changes. Sen. Cory Gardner (R-CO) on the other hand, said that a deal was ‘close’.

Read more 

[interactiveswingtrading]

Legalizing pot tied to less teen marijuana use, Reuters #safebankingact $CGC $ACB $ACB (Lisa Rapaport) Marijuana legalization laws don’t appear to increase teen pot use and instead may have the opposite effect, a U.S.

[marketnewsfirst-blog]

Cannabis Industry Analysts Changing Expectations on Cannabis Growth

[mikesmiller86]

Banking for marijuana companies included in Congress’ new $3 trillion coronavirus stimulus bill

Cannabis industry advocates applauded House Democrats on Tuesday after a new $3 trillion federal stimulus bill included provisions to allow marijuana businesses access to banking.

Introduced by House speaker Nancy Pelosi, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act includes wide-ranging goals to address the effects of the coronavirus pandemic, from offering financial assistance to state and local governments to forgiving student loan debt.

Wrapped into the massive, 1,815-page bill is an initiative led by Colorado Democratic Rep. Ed Perlmutter known as the Secure and Fair Enforcement (SAFE) Banking Act, which would allow legal cannabis businesses to leverage traditional banking services.

Proponents of the bill, which passed the House on its own last September, say it promotes public safety by offering the marijuana industry an alternative to dealing in cash — a factor experts say is motivating an increasing number of burglaries at dispensaries and cultivations. The SAFE Banking Act has been under review by the Senate Committee on Banking, Housing and Urban Affairs since last year.

“Our industry employs hundreds of thousands of Americans and has been deemed ‘essential’ in most states. It’s critically important that essential cannabis workers are not exposed to unnecessary health risks due to outdated federal banking regulations,” said Aaron Smith, executive director of the National Cannabis Industry Association, in a statement. “On behalf of the legal cannabis industry, we commend the congressional leadership for prioritizing public health and safety by including sensible cannabis banking policy in this legislation.”

I just learned the #SAFEBankingAct is included in the CARES 2.0 package. I have been pushing for this because the #COVID19 crisis has only exacerbated the risk posed to cannabis businesses & their employees & they need relief just like any other legitimate business. #copolitics

— Rep. Ed Perlmutter (@RepPerlmutter) May 12, 2020

The SAFE Banking Act has, however, received a fair amount of pushback. On Tuesday, Kevin Sabet, president of Smart Approaches to Marijuana, disagreed with its inclusion, saying it would allow cartels and criminal syndicates access to the U.S. financial system. Marijuana should also be precluded because the industry was not forced to discontinue operations, he said.

“Numerous industries have been forced to completely shut down and have made great sacrifices to comply with shutdowns and limitations on their business operations. The marijuana industry has been a painfully obvious exception to this,” Sabet said in a statement. “The idea of including this industry in the relief package makes no sense.”

Related Articles

El Paso County breaks up three illegal marijuana grows

Second Colorado dispensary will soon begin offering marijuana delivery

Brauchler: The arbitrary rule closing some Colorado businesses – but not others – must be fixed

Denver risking tax dollars by “ineffectively” auditing marijuana businesses, city auditor alleges

Denver marijuana dispensaries see increase in burglaries during coronavirus pandemic

Numerous institutions and legislators, including Gov. Jared Polis, have called on Congress to provide some relief for the marijuana industry. Though dispensaries, cultivations and manufacturing facilities have been permitted to remain open throughout the coronavirus pandemic, businesses say they are still struggling. Neither plant-touching nor ancillary businesses, such as consulting and legal services, are currently eligible for federal aid.

The HEROES Act does not change that, said Morgan Fox, media relations director at the National Cannabis Industry Association. It does, however, prevent loan applicants from being disqualified based solely on having a criminal record. Perlmutter co-filed a separate bill, the Emergency Cannabis Small Business Health and Safety Act, in late April that, if passed, would make marijuana companies eligible for COVID-19 relief programs.

“We are still hopeful that we can get traction on the standalone bill in the coming weeks,” Fox said.

The HEROES Act appears likely to pass the Democratic-controlled House, but was not negotiated with Republicans and faces an uphill battle in the GOP-controlled Senate.

“COVID-19 bills should provide targeted aid to those who need it. Pelosi’s latest ‘relief bill’ is 1,800 pages long and filled with liberal excess,” said Rep. Doug Lamborn, a Colorado Springs Republican. “I will stand against this massive $3 trillion Democrat wish list bill. Dems continue to show zero fiscal sanity.”

Denver Post staff writer Justin Wingerter contributed to this story. 

from News By Mike https://www.denverpost.com/2020/05/12/marijuana-banking-heroes-act-coronavirus/

[licensedproducers]

Cannabis in the Next US Stimulus Package?

New US Bill Could Mean Federal Dollars and More Legitimacy for Cannabis Companies – LPC

A new bill could put cannabis in the next US stimulus package. US Congressman Ed Perlmutter introduced a bill to allow cannabis companies access to banking services including loans. “Cannabis businesses are major employers and significant contributors to local economies in Colorado and across the country,” Perlmutter said.  “They should receive the same level of support as other legal, legitimate businesses and be eligible for SBA relief funds during this COVID-19 crisis.” According to Perlmutter, cannabis in Colorado employs 45,000 people and generated $1.7 billion in sales. The stimulus package in general also helps provide financial cover worker salaries, health care benefits, and family or sick leave. The details seem similar to the SAFE Banking bill introduced last year, but has yet to pass. If lawmakers put cannabis in the next US stimulus package, it could go a long way to helping the US federal government make cannabis legal at the federal level. Some predict that cannabis legalization in the US might come this year, but not everyone is convinced. This editorial content from the LPC News Team provides analysis, insight, and perspective on current news articles. To read the source article this commentary is based upon, please click on the link below. Click here to view full story at denver.cbslocal.com   Read the full article

[getmeadow]

As a cannabis business concerned about the health of cannabis workers in California and across the nation, we're grateful to see the #SAFEBankingAct included in the CARES 2.0 package. https://t.co/XCvJGeGrub

As a cannabis business concerned about the health of cannabis workers in California and across the nation, we're grateful to see the #SAFEBankingAct included in the CARES 2.0 package. https://t.co/XCvJGeGrub

— Meadow (@meadow) May 12, 2020

from Twitter https://twitter.com/meadow May 12, 2020 at 03:08PM via IFTTT

[growlegalweed-blog]

Legal Weed Resources

Check out... https://legalweed.gq/420/rep-heck-were-late-to-implement-the-safe-banking-act-read-his-press-release-the-draft-bill-full-meeting-package/

Rep Heck: We’re late to implement the SAFE Banking Act . Read his press release, the draft bill & full meeting package

FIRST CONGRESSIONAL HEARING HELD ON CANNABIS BANKING

  From Rep Heck’s Office

Feb 13, 2019 

Press Release

Despite 47 states plus DC permitting some form of marijuana, legal and legitimate businesses forced to operate in cash

Washington, D.C.– Today the House Financial Services’ Subcommittee on Consumer Protection and Financial Institutions held the first-ever congressional hearing on the issue of cannabis banking. Today, 47 states plus the District of Columbia permit adult recreational, medical or limited-medical use of marijuana. In fact, every member of the subcommittee represents a state where some form of marijuana is permitted.

Because cannabis is considered illegal under the federal Controlled Substances Act, financial institutions providing banking services to legitimate and licensed marijuana businesses are subject to criminal prosecution. Since state and federal law are not aligned on the issue, legal and legitimate businesses are forced to operate on a cash-only basis creating a serious public safety risk for employees, businesses and communities, as well as providing an opportunity for tax evasion, money laundering and other white-collar crimes.

“Today’s hearing was a big deal for the thousands of employees, businesses and communities across this country who have been put at risk because they have been forced to deal in piles of cash while Congress sticks its head in the sand,”said Rep. Ed Perlmutter (CO-07). “The American voters have spoken and continue to speak, and the fact is you can’t put the genie back in the bottle. The SAFE Banking Act is focused solely on taking cash off the streets and making our communities safer, and only Congress can take these steps to provide this certainty for businesses and financial institutions across the country.”

“We listened to hours of testimony today about the dangerous position we put store owners and employees in by forcing them to do all of their business in cash. We can fix this. We don’t have to force them to operate in a way that makes it difficult to secure and track their funds,”said Rep. Denny Heck (WA-10). “Regardless of our views of marijuana use, the voters have decided in states all over this country that they want recreational and medicinal markets. To continue to do nothing to protect public safety would be negligence.”

In his testimony on behalf of theLaw Enforcement Action Partnership (LEAP), Major Neill Franklin, Ret.stated, “Although extremely important for business owners and the people they employ, my greatest fear is not the loss of profits due to theft. It is the potential for serious assaults and death to the people attempting to protect that cash, or who are merely responsible for it. I fear dispensary employees being at great risk. I fear for the safety of those transporting the cash and I fear for the well-being of employees on payday. Two weeks of pay for one employee can easily exceed a few thousand dollars. That one employee trying to get home safely from work is an attractive “score” for any criminal, and a very easy target for those who know what to look for. Beyond any concern for protecting profit, we have a duty to protect the lives of community members working to earn a living.”

Rachel Pross, Chief Risk Officer at Maps Credit Union, in testimony on behalf of the Credit Union National Associationreferenced a 2015 analysis by the Wharton School of Business Public Policy Initiative which found that, “in the absence of being banked, one in every two cannabis dispensaries were robbed or burglarized – with the average thief walking away with anywhere from $20,000 to $50,000 in a single theft.”

To date, the leading, bipartisan legislative solution focused on the cannabis banking issue is the Secure and Fair Enforcement (SAFE) Banking Act, authored by Reps. Ed Perlmutter (D-CO-07) and Denny Heck (D-WA-10) and cosponsored by Reps. Warren Davidson (R-OH-08) and Steve Stivers (R-OH-15). Perlmutter and Heck first introduced a legislative proposal to allow marijuana-related businesses in states with existing regulatory structures to access the banking system on July 10, 2013 and have introduced similar bills every Congress since 2013.A draft version of the SAFE Banking Act of 2019was discussed during Wednesday’s hearing, with Perlmutter and Heck planning to formally introduce the legislation by the end of February. TheIndependent Community Bankers of America, theCredit Union National Associationand19 Attorneys Generalendorsed the SAFE Banking Act in the last Congress.

Support for the SAFE Banking Act was vocalized by several witnesses, including in testimony fromCalifornia State Treasurer Fiona Ma, “To sum, an effective safe harbor mechanism in federal law promotes the safety of the public, improves the efficiency of collecting the taxes and fees we use to regulate the industry, and does not allow the banks and credit unions to totally abdicate their responsibilities to know their customers and avoid illicit money laundering.”

In advance of today’s hearing, theAmerican Bankers Associationalso submitted a statement for the record stating that “leaving this [marijuana] industry unbanked is no longer a viable option” and called upon Congress to develop a solution, specifically consider the SAFE Banking Act “which will improve the ability of banks to meet the needs of their local communities.”

February 14th marks the 5th anniversary of the release of official guidance from the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) regarding how the financial industry can best serve marijuana-related businesses. The guidance has played an important role in encouraging safe commerce and discouraging illegitimate, unregulated markets, however many financial institutions remain on the fence about whether it is worth the risk to provide services to legal, legitimate marijuana businesses. Heck and Perlmutter sent aletter to FinCENrequesting they preserve the 2014 guidance after the U.S. Department of Justice announced the withdrawal of theCole memorandumon January 4, 2018.

The full list of witnesses and testimony from today’s hearing can be foundhere.

DRAFT BILL PDF

BILLS-116pih-SAFEBankingAct-U1

  Full meeting package available 

Here https://we.tl/t-PhSr34yuxV

[snehab]

CBD Banking Access Included In House Leadership’s Coronavirus Relief Bill

The CBD house leadership’s coronavirus relief bill was introduced on Tuesday and includes provisions to safeguard banks that cater to Marijuana businesses from being penalized by federal regulators.

Chief sponsor of the standalone bill that is being included in the new broad package, Rep. Ed Perlmutter (D-CO), previously raised the issue in a Democratic Caucus meeting and said Speaker Nancy Peloski (D-CA) supported it. Speaker Peloski’s Tweet quoted, “I just learned the #SAFEBankingAct is included in the CARES 2.0 package. I have been pushing for this because the #COVID19 crisis has only exacerbated the risk posed to cannabis businesses & their employees & they need relief just like any other legitimate business. #copolitics”

The text of the provision, which is attached to the 1,815-page coronavirus relief package states, “The purpose of this section is to increase public safety by ensuring access to financial services to cannabis-related legitimate businesses and service providers and reducie the amount of cash at such businesses.” A summary of the legislation states the banking section would “allow cannabis-related legitimate businesses that have remained open in many states during the COVID-19 pandemic as essential services, along with their service providers, to access banking services and products, as well as insurance.”

It continues to state, “This section also requires reports to Congress on access to financial services and barriers to marketplace entry for potential and existing minority-owned cannabis related legitimate businesses”.

[janepwilliams87]

Marijuana Banking Has A ’50-50′ Chance To Pass Senate In Coronavirus Package, Sponsor Says

The lead sponsor of a marijuana banking reform bill that was inserted into a House-passed coronavirus relief package last week said on Thursday that he thinks there’s a 50-50 chance the Republican-controlled Senate will go along with the provision’s inclusion.

Rep. Ed Perlmutter (D-CO) was asked about his Secure and Fair Enforcement (SAFE) Banking Act—which would protect banks that service cannabis businesses from being penalized by federal regulators—during an interview with Yahoo Finance on Thursday.

Specifically, he was pressed about House Democratic leadership adding the bill’s language to their latest COVID-19 legislation—a move that generated seemingly coordinated opposition messaging from GOP lawmakers who argued that the provision is not germane in the context of a public health response to the pandemic.

“It was one piece of a very big bill,” the congressman said, adding that when the standalone version of the SAFE Banking Act went up for a vote in the House last year, it enjoyed significant bipartisan support, with 91 Republicans joining a majority of Democrats voting in favor of the legislation.

Colorado Rep. Ed Perlmutter tells me he puts odds of his pro-Marijuana banking bill getting the Republican support in the senate needed to pass at 50%

The CEO of the largest US cannabis company told me he has not modeled that in

#PotStocks #Marijuanapic.twitter.com/rpJrNJC6rW

— Zack Guzman (@zGuz) May 21, 2020

Perlmutter again made the case that the marijuana banking language is necessary because it mitigates the risk of spreading the disease through the transfer of cash.

“Clearly this was a bipartisan measure and, at that time, the focus really was on public safety and the fact that so much cash is piled up that it really puts people in jeopardy for assault and battery, for robbery and those kinds of things,” he said. “But now there’s this added element of the potential transmission of the virus on cash.”

He went on to note that providing the industry with access to the banking system could help the estimated 28,000 marijuana businesses operating legally at the state-level throughout the country that have been deemed “essential” during the health crisis but that are also denied federal relief dollars.

“That’s why we really put it in there, both from an employment standpoint as well as a safety standpoint,” he said.

The #SAFEBankingAct is a bipartisan bill that supports jobs while reducing the public safety & public health risk for cannabis businesses & their employees. This along with support for state & local governments is one of many reasons the Senate needs to take up the #HeroesAct. https://t.co/ZRR3MzBht9

— Rep. Ed Perlmutter (@RepPerlmutter) May 21, 2020

“We have the support of Democrats and Republicans in the Senate. Jeff Merkley and Michael Bennett, two Democrats, are championing it. Cory Gardner, Republican, is championing it,” the congressman said. “I think it has a chance.”

That’s despite the fact that numerous GOP lawmakers—including Senate Majority Leader Mitch McConnell (R-KY)—have characterized the cannabis banking language in the House coronavirus bill as being part of a Democratic wish list. Notably, however, McConnell’s repeated remarks have taken specific issue with a provision in the SAFE Banking Act to study diversity in the cannabis industry, rather than blast the legislation’s inclusion outright.

“There are big chunks of that bill that I know the Senate is going to have to do something about,” Perlmutter said of the overall House coronavirus legislation.

Asked to give a percentage chance of the Senate agreeing to include the banking language in the next COVID-19 bill, he said “I think 50-50.”

“I do think there’s a real effort to get this done, and it would be done in a bipartisan way,” he said. “And I think the White House and certainly [Treasury Secretary Steven Mnuchin], they’re familiar with this and we’ve been talking to them about it for quite some time. So I think 50-50.”

The congressman noted that the SAFE Banking Act is now available for senators to advance as both a standalone bill in the Senate Banking Committee as well as in the coronavirus package.

Gardner, a chief sponsor of the bill in the Senate, has said that lawmakers are “close” to reaching a deal with Banking Committee Chairman Mike Crapo (R-ID), who made a series of recommended changes to the bill when it entered his chamber. That said, negotiations have largely stalled due to the congressional focus on a COVID-19 response.

Beyond the bipartisan support for the standalone bill in the House last year, a coalition of 34 state and territory attorneys general—including seven Republicans—are urging Congress to pass the coronavirus legislation with the banking language.

Virginia Governor Officially Signs Marijuana Decriminalization Bills Into Law

The post Marijuana Banking Has A ’50-50′ Chance To Pass Senate In Coronavirus Package, Sponsor Says appeared first on Marijuana Moment.

from Updates By Jane https://www.marijuanamoment.net/marijuana-banking-has-a-50-50-chance-to-pass-senate-in-coronavirus-package-sponsor-says/