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 — U.S. Mayors Pass Measure Urging Congress to End Cannabis Prohibition

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.

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

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

CannabisNewsWire420
Denver, Colorado
http://www.CNW420.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CNW420 is part of the InvestorBrandNetwork.

Archives

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 MjMicro Conference New England Cannabis Network O'Cannabiz Conference & Expo

CannabisNewsWire Currently Accepts

Bitcoin

Bitcoin

Bitcoin Cash

Bitcoin Cash

Doge Coin

Dogecoin

Ethereum

Ethereum

Litecoin

Litecoin

USD Coin

USD Coin

Contact us: 303.498.7722