A bicameral conference charged with negotiating the final text of a large-scale bill intended to make the U.S. competitive against China saw many conferees express support for including cannabis banking language in the manufacturing bill. This was during the first sitting of the conference.
At least half a dozen conferees took to the floor to mention the marijuana banking issue when debate on the manufacturing bill started. The majority of these members spoke in support of including the banking bill in the final document agreed upon during the conference.
For example, Rep. Earl Blumenauer from Oregon stated that several overdue policy changes, such as allowing cannabis companies to access banking services, needed to be addressed. He went on to mention that in just one week, there were three fatalities in the home state of the chairwoman and those fatalities were linked to robberies targeting cannabis shops.
He added that SAFE banking was now an issue of life and death and, having been passed half a dozen times before, now was the time to include it in the manufacturing bill so that public safety could be ensured.
Senator John Hickenlooper from Colorado also added his voice to those calling for cannabis banking during the conference meeting. He said that the conference was an opportunity to reinvigorate manufacturing in the United States, and reforming banking laws in order to facilitate access to banking services by marijuana companies can bring this industry from “the darkness” and into the light of the formal financial system.
Senator Patty Murray, the third-highest ranking senator on the Democratic side of the political aisle, expressed her hope that the conference would reach an agreement to include cannabis banking in the COMPETES bill so that marijuana companies in different states, including hers, would no longer face the threats arising out of operating on a cash-only basis.
Only one conferee, Senator John Barrasso, a Republican from Wyoming, spoke against including cannabis banking in the manufacturing bill. He wondered how cannabis banking is connected to competing with China on the global stage and therefore saw no reason to keep SAFE banking in the COMPETES bill.
Pressure has been mounting to enact reforms aimed at granting marijuana companies access to banking services, especially in the wake of the armed robberies that have targeted state-legal cannabis companies. As the death toll rises from this violent crime wave, so will the ridiculousness of denying marijuana industry actors such as Flora Growth Corp. (NASDAQ: FLGC) access to mainstream financial services.
NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.CNW420.com
Do you have questions or are you interested in working with CNW420? Ask our Editor
CNW420 is part of the InvestorBrandNetwork.