Earlier this week, the U.S. Conference of Mayors approved a resolution that would protect banks which work with state-legal cannabis businesses from federal penalties. This organization representing mayors passed the measure during its 90th annual meeting. In 2021, the body adopted a different resolution that promoted social equity in the growing marijuana industry and called for an end to federal marijuana prohibition.
This latest measure expresses support for federal measures to legalize marijuana, including the Cannabis Administration and Opportunity Act, which is being finalized in the Senate, and the Marijuana Opportunity, Reinvestment and Expungement Act (MORE Act), which was approved by the House.
This comes as Congress debates about whether to include the SAFE Banking Act as part of the America COMPETES Act, which is currently in negotiations in bicameral conference.
The mayors’ proposal states that the illegality of marijuana under federal law and the conflict it creates between federal law and state law has created significant barriers and challenges for legally operated and owned medical and recreational marijuana dispensaries and marijuana-related firms.
It also explains that marijuana firms aren’t able to access banking services that insurers and financial institutions provide to other businesses due to the possible civil and severe criminal penalties that these institutions may incur. This, it adds, has forced most companies to operate on a cash-only basis leading to an increase in targeted crime.
To resolve this, the mayors urge Congress to approve the SAFE Banking Act to not only enhance public safety but also offer financial security for marijuana dispensaries and related companies. Mayors of Henderson, Nevada; Fort Lauderdale, Florida; and Tacoma, Washington, sponsored the measure for the conference. This organization represents 1,400 cities in America, with populations of more than 30,000 individuals each.
Many hope that the SAFE Banking Act will be attached to the large-scale manufacturing bill in the interest of public safety and economic competitiveness. This measure, which has been approved in the House six times, is yet to be approved in the Senate.
Senate leadership is currently working to finalize a measure that would put an end to the federal prohibition of cannabis, and you can be sure that the entire cannabis industry, including companies such as Flora Growth Corp. (NASDAQ: FLGC) will be following all those federal legalization efforts.
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