On May 23, 2018, we published revised versions of our Privacy Policy and User Agreements. Please read these updated terms and take some time to understand them. Your use of our services is subject to these revised terms.
Yes, I Agree.

420 with CNW — Marijuana Banking Reform Prospects in US Senate Seem More Positive

The SAFE Banking Act, a bipartisan measure that was reintroduced last month, was recently discussed by the Senate Banking Committee. While the legislation has already been approved by the House of Representatives on numerous occasions, the Senate has never voted on the measure. This is despite Majority Leader Chuck Schumer voicing his support for the proposal.

It is believed that if the bill were to advance to the president’s desk, he would sign it.

The measure’s approval would prohibit federal banking regulators from penalizing financial institutions that provide basic banking services to cannabis businesses in legal states. Its introduction buoyed shares in publicly traded multistate operators a fortnight ago, which observers cite as a sign of how little progress Congress has made on cannabis reform since the inception of the multibillion-dollar marijuana industry.

The hearing by the U.S. Senate Banking Committee isn’t final, however;  it is just a requirement for a committee vote and, in turn, floor consideration. The witnesses called to appear before the committee included Senators Steve Daines and Jeff Merkley, who previously sponsored the measure.

In an email, a spokesperson for Daines revealed that the senator was glad that a  hearing had finally been scheduled for this banking measure. The spokesperson added that the senator believed that there was strong bipartisan support in the senate for the bill. It is expected that the bill will soon be advanced to the senate floor, with committee chair Senator Sherrod Brown vowing that a separate committee hearing with a markup would follow the initial meeting.

However, experts note that the measure doesn’t require a committee vote or a markup to be enacted. They also highlight that efforts to attach the banking resolution to other bills such as the annual defense spending bill failed in the previous congress.

Many feel that the odds of the proposal being approved remain long. For a debate on a measure to end, 60 votes are needed under the cloture rule in the Senate. Some have also pointed out that earlier this year, the senate considered and rejected a marijuana question.

Last month, a motion to end debate and hold a vote on a measure that would allow the Veterans Administration to conduct clinical studies on the effectiveness of marijuana for PTSD and chronic pain in military veterans was rejected with a lone abstention. The director of Maine’s Office of Cannabis Policy, John Hudak, is also skeptical about whether the 118th Congress will push the measure through.

If cannabis banking is finally permitted under federal law, the cannabis industry could see massive growth as access to funding improves. That would, in turn, also boost the prospects for ancillary companies, such as Advanced Container Technologies Inc. (OTC: ACTX), which focus on meeting the needs of companies that are dealing directly in marijuana or its products.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

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.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have questions or are you interested in working with CNW420? Ask our Editor

Denver, Colorado
303.498.7722 Office

CNW420 is part of the InvestorBrandNetwork.


Select A Month

Official NewsWire Relationships

Alternative Products Expo Benzinga Cannabis Capital Conference Cannabis Business Summit & Expo 2019 Cannabis Drinks Expo Cannabis World Congress & Business Exposition Cannexpo Marigold PR MjMicro Conference New England Cannabis Network O'Cannabiz Conference & Expo Tether BudTender Tether BudTender Appreciation Week

CannabisNewsWire Currently Accepts



Bitcoin Cash

Bitcoin Cash

Doge Coin






USD Coin

USD Coin

Contact us: 303.498.7722