5 days ago House Democrats appear to be moving forward with plans to consider ahead with plans to consider broad changes to federal marijuana laws in for next week to examine the difficulties that marijuana businesses face in first begin holding hearings on incremental reforms like banking access. 5 days ago A congressional panel plans to hold a long-anticipated hearing next week on the challenges that state-legal cannabis businesses face in accessing the U.S. banking system. The House subcommittee on consumer protection. 1 day ago Canada's two biggest cannabis companies report earnings this week, giving us the first glimpse -- however murky -- of what recreational sales.
to Hold Next on Marijuana Banking Business Week Hearing House U.S.
On Wednesday this week, Congress will hold a hearing on banking services for the cannabis industry. This is the first hearing to be held by the new Congress that will begin tackling the issue of banking for cannabis companies. Businesses that work in states where cannabis has been legalized continue to struggle with financial institutions. The major credit card companies of Mastercard and Visa refuse to work with cannabis companies since it is still a federally illegal product.
The major banks in this country also decline to bank these companies even though some are publicly traded entities with market capitalizations in the billions. Cannabis companies have turned to local banks and credit unions for their banking needs. Attorney Brady Cobb met with House lawmakers last week and is actively engaged with the legislative process. He was referring to the ouster of Pete Sessions, who continually refused to bring cannabis legislation to the floor for a vote.
This comes on the heels of the creation of a new lobbying group called the National Cannabis Roundtable that is being chaired by former Speaker of the House John Boehner. The Speaker sits on the board of Acreage Holdings Inc. Marijuana Moment reported that the people scheduled to testify include Corey Barnette, owner of the District Growers Cultivation Center and Metropolitan Wellness Center, which produce and sell medical cannabis in D.
Ed Perlmutter D-CO , a member of the committee. The Perlmutter bill provides safe harbor to banks working with businesses in the cannabis industry operating legally within their jurisdiction. The bill had 95 cosponsors including 13 Republicans in the last Congress.
Banks, particularly the largest financial institutions, remain hesitant to provide services to the cannabis industry for fear of violating federal money laundering laws.
That leaves many businesses in the industry to deal in cash. Business interests, regulators and increasingly Congress agree that something must be done in order to bring the cannabis industry into the banking system. In the coming weeks, banking legislation will be re-introduced, negotiated, marked-up in the Financial Services Committee, and possibly brought to the floor of the House. With a background in politics and advocacy, Anthony has nearly a decade of experience lobbying members of Congress, congressional staff and executive agencies.
He has worked on major pieces of legislation involving infrastructure, tax and appropriations. Anthony has also supported efforts to affect regulatory change, promote government oversight and secure federal grant awards.
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House Financial Services Committee to Consider Cannabis Banking Issues
5 days ago The House Consumer Protection and Financial Institutions Subcommittee next week will hold a hearing on the thorny issue of banking access for those engaged in marijuana-related business. The proposal to overhaul the federal housing program, intentionally or unintentionally, excludes credit unions. 6 days ago Big –> House Financial Services is planning a hearing next week on can serve cannabis businesses without running afoul of federal regulators. and sellers conduct their state-legal activities on an all-cash basis, which. 6 days ago House Dems taking up cannabis banking next week (Newsletter: Feb. hold a hearing on marijuana businesses' banking access issues next week U.S. Senate Minority Whip Dick Durbin (D-IL) is out of step with his party on marijuana. Hawaii lawmakers will hold hearings on several cannabis bills this.