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420 with CNW — Congressman Optimistic About Cannabis Banking Reform Inclusion in Manufacturing Bill

During a press briefing earlier this week, Rep. Earl Blumenauer revealed that he was optimistic about the possibility of including cannabis banking reforms in the final version of the large-scale manufacturing bill that will soon be signed into law. The Congressman has championed for marijuana legalization for a while now and is currently involved in negotiations on the America COMPETES Act.

During the briefing, the Congressman stated that there was a joint effort among conferees in both chambers to ensure that the SAFE Banking Act, which was approved by the House, was attached to the final conference report that is forwarded to President Joseph Biden’s desk. Blumenauer explained that now was the ideal opportunity to get some movement on cannabis banking.

The first meeting on this large-scale measure was held by the conference committee last week, with various conferees calling for the body to include the language of the SAFE Banking Act in the measure in the interest of public safety and economic competitiveness.

Prior to the conference, the Chair of the House Financial Services Committee, Rep. Maxine Walters, stated that cannabis banking was a legislative priority. Additionally, a significant number of senators also sent a bipartisan letter urging marijuana banking be included in the final version of this large-scale manufacturing measure.

However, despite the SAFE Banking Act’s approval in the House a couple of times, the Senate has yet to advance the measure. Current leadership in the Senate has maintained that a comprehensive legalization measure needs to be approved first before the marijuana banking measure can be passed. The Senate version of the SAFE Banking Act has 42 cosponsors, nine of whom are GOP members.

Meanwhile, the attorney general, the governor and other top officials in the state of Washington have also forwarded a letter to congressional leaders highlighting the need to approve the cannabis banking reform. This preceded a meeting that officials in the state held that focused on addressing the robberies that target cannabis retailers. During the virtual meeting, regulators called for a change in federal policy and discussed alternative measures that Washington state could take if Congress failed to act.

In the absence of action from Congress, more states are enacting cannabis banking reform policies on their own. For instance, legislators in the state of Pennsylvania recently filed a measure that would offer banking protections and tax relief to cannabis businesses in the state.

This comes as the number of banks that are working with cannabis businesses around the country continues to increase. However, what entities such as Cannabis Strategic Ventures Inc. (OTC: NUGS) would welcome wholeheartedly is a policy change that makes it official for banks to work with cannabis firms.

NOTE TO INVESTORS: The latest news and updates relating to Cannabis Strategic Ventures Inc. (OTC: NUGS) are available in the company’s newsroom at http://cnw.fm/NUGS

About CNW420

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.

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