Banking

Rep. Nancy Mace (R-SC) says that “if Republicans want to keep the House,” they should pass a marijuana banking bill, arguing that “there are votes” to approve it. She also said it’s “mind-boggling” that Virginia’s GOP governor recently vetoed a bill to legalize cannabis sales given the issues’s broad bipartisan popularity. In an interview on The Dales Report’s “Trade To Black” podcast on Wednesday, the pro-legalization congresswoman weighed in on a wide range of marijuana policy issues, including her support… Read more.

A Republican House advisory committee is formally opposing marijuana banking legislation and a separate bill to remove past cannabis use as a disqualifying factor for federal employment and security clearances, while broadly criticizing the substance as a “gateway drug” that causes “violence, depression and suicide.” The House Republican Policy Committee’s new marijuana report also says that Vice President Kamala Harris was “mistaken” when she said cannabis brings people “joy” as a 2020 presidential candidate, instead arguing that it is a “hazardous drug with… Read more.

A noteworthy milestone has been reached by First Citizens Bank, the largest bank known to interact with the cannabis sector. First Citizens firm is one of the top 20 largest banks in the United States, with assets over $200 billion. The firm recently announced its foray into the cannabis market. This action is considered to be a major advancement for the cannabis sector, illustrating its ongoing trend of receiving finance and support from the general population. In a statement published on… Read more.

Senate Majority Leader Chuck Schumer (D-NY) says lawmakers will “hit the ground running” in 2024, aiming to build on bipartisan progress on several key issues, including marijuana banking reform—though he noted it “won’t be easy.” As the Senate recesses for the holidays, Schumer delivered a floor speech on Wednesday touting the chamber’s 2023 legislative achievements, while emphasizing that “there’s a lot we must do” in the second half of the 118th Congress. Senators “made large progress in a bipartisan way… Read more.

With the congressional effort to remove federal restrictions on marijuana banking still ongoing, a coalition of financial institutions has released new guidance for cannabis businesses trying to secure banking services. While compliance can be onerous compared to banking for most businesses, the report published on Monday by the Cannabis Industry Financial Group (CFIG) says it’s nevertheless possible for the marijuana industry to obtain above-board, reliable financial services without waiting for passage of the Secure and Fair Enforcement Regulation (SAFER) Banking Act.… Read more.

Democratic Senate Majority Leader Chuck Schumer is actively working to secure Republican support for the long-awaited marijuana banking reform bill. Schumer has invested considerable political capital in advancing the SAFER Banking Act. The proposed legislation, if enacted, would prevent federal regulators from penalizing financial institutions for providing essential services like bank accounts, payroll services, and credit card transaction processing to marijuana businesses that are legal at the state level. The SAFER Banking Act underwent two Senate hearings this year, with approval during a significant… Read more.

Switzerland will allow Europe’s first non-medical cannabis dispensaries to open and operate as part of a study to examine how controlled access to legal cannabis may affect health and consumption patterns of regular cannabis consumers. An announcement was made Friday about “Grashaus Projects” by German CBD and cannabinoid research company Sanity Group which said that in tandem with the Swiss Institute for Addiction and Health Research, their initiative to dispense legal cannabis to a small area in Switzerland called Basel-Landschaft had been… Read more.

States that legalize marijuana for adults see moderate economic gains after the policy change is implement but also experience an increase in social costs including substance use disorders, chronic homelessness and arrests. That’s the upshot of a new report recently published by researchers at the Kansas City arm of the Federal Reserve Bank. “Although some of our estimates are noisy,” authors wrote in the new paper, “our findings suggest that the economic benefits of legalization are broadly distributed, while the… Read more.

The lead GOP Senate cosponsor of a bipartisan marijuana banking bill says a planned floor vote is on pause until he can ensure the legislation will later pass the Republican-controlled House, according to a cannabis financing executive who spoke with the senator this week. While the House prospects of the Secure and Fair Enforcement Regulation (SAFER) Banking Act have long factored into Senate leadership’s thinking, Sen. Steve Daines (R-MT) apparently made it clear in his conversation with Pelorus Capital Group… Read more.

U.S. Sen. Raphael Warnock (D-GA) was the sole Democrat to vote against a marijuana banking reform bill during a committee markup last month. In a new interview, the senator described his vote as an effort at making important equity improvements while there’s still a chance to do so. “I’m worried that if we pass a bill with all of the fees and the revenue that comes, and not begin to address the issue of restorative justice, we’re not going to go… Read more.

A bipartisan marijuana banking measure has received the Senate Banking Committee's unanimous support, marking a historic development in the ongoing struggle to address the intricate financial issues affecting the cannabis industry according to Reuters.This landmark decision has significant ramifications for a sector that has struggled for years with regulations that have largely compelled legitimate cannabis businesses to function primarily in cash. The Secure and Fair Enforcement Regulation (SAFER) Banking Act, supported by Senators Jeff Merkley (D-OR) and Steve Daines (R-MT), is the fundamental… Read more.

With Rep. Kevin McCarthy (R-CA) ousted as House speaker in a historic vote to vacate the position on Tuesday, cannabis policy observers are wondering how the new GOP leadership will approach marijuana banking, legalization and other reform issues. Who will take the speakership is yet to be seen, but so far Judiciary Committee Chairman Jim Jordan (R-OH) and Majority Leader Steve Scalise (R-LA) have announced they are running for the top House position. Based on their records, marijuana reform advocates… Read more.

Banking institutions are engaging in a competitive race to accommodate cannabis businesses in anticipation of forthcoming alterations in the federal classification of cannabis, as national data indicates. Although cannabis remains federally prohibited, a pivotal shift is on the horizon due to the U.S. Health & Human Services Department's (HHS) recommendation to reclassify cannabis from Schedule I to Schedule III. The National Organization for the Reform of Marijuana Laws (NORML) reports a notable surge in banking institutions actively seeking partnerships with cannabis businesses. This… Read more.

A cannabis banking bill was revised in several different ways under an amendment adopted by the Senate Banking Committee during Wednesday’s markup, according to text that has not yet been officially posted by the panel but which was obtained by Marijuana Moment. As the debate started, the committee first approved the amendment from Chairman Sherrod Brown (D-OH), which was described as a mix of technical changes and revisions requested by bipartisan members. It touches on issues related to federal guidance for banks… Read more.

Senate Majority Leader Chuck Schumer (D-NY) says the bipartisan committee vote to advance a marijuana banking bill on Wednesday “underscores how much momentum we have right now” as he plans to bring the legislation to the floor “soon” and attach “very significant criminal justice provisions.” In a floor speech on Thursday, Schumer said he’s “really proud of the bipartisan deal we produced” ahead of the Senate Banking Committee markup that saw the Secure and Fair Enforcement Regulation (SAFER) Banking Act pass in… Read more.

A bipartisan coalition of 22 state attorneys general is calling on Congress to pass a marijuana banking bill that cleared a key Senate committee on Wednesday. In a letter sent to congressional leaders on Tuesday, the top law enforcement officials of nearly half the states in the U.S. said they have a “strong interest in enabling economic growth and stability while simultaneously protecting the physical and economic wellbeing of constituents working in this industry.” Citing the fact that a majority of states… Read more.

A group that represents state lawmakers across the U.S. is urging Senate leaders to pass a bipartisan marijuana banking bill to provide a “much-needed solution” to the “unsafe and untenable” challenges that the cannabis industry faces under prohibition. In a letter sent to Senate Majority Leader Chuck Schumer (D-NY) and Senate Minority Leader Mitch McConnell (R-KY) on Monday, National Conference of State Legislatures (NCSL) CEO Tim Storey expressed the organization’s support for the revised Secure and Fair Enforcement Regulation (SAFER)… Read more.

Senate Banking Committee Chairman Sherrod Brown (D-OH) says a bipartisan marijuana banking will pass “decisively” out of his panel next week, as senators discuss possible tweaks on its path to the floor and anti-drug advocates decry the reform as a public safety hazard. The revised Secure and Fair Enforcement Regulation (SAFER) Banking Act that’s due for a committee markup next Wednesday might not enjoy the same level of support as other unrelated bills that recently moved out of the panel,… Read more.

A marijuana banking bill that’s set for a Senate committee markup next week has an updated title and several new provisions related to federal financial regulations, guidance and reporting requirements, according to a summary that is circulating. And Senate Majority Leader Chuck Schumer (D-NY) said on Tuesday he intends to “bring this legislation to the floor with all due speed.” The title of the measure is being extended by one word. The bill that’s being circulated ahead of the Senate Banking… Read more.

The Senate Banking Committee will not be voting on cannabis banking legislation next week, despite the suggestions of some key insiders and analysts. While top Senate players on both sides of the aisle have indicated that they’re prepared to move the Secure and Fair Enforcement (SAFE) Banking Act this fall after a “productive” August recess, a Banking Committee spokesperson told Marijuana Moment on Monday that the “markup won’t be next week.” To be clear, no lawmakers involved in the legislation have publicly… Read more.

A group opposed to the legalization of marijuana is targeting a financial agreement between Wells Fargo and the state of Maryland. This arrangement enables state officials to collect and manage tax revenue from cannabis businesses operating legally within the state. The advocacy group is denouncing this arrangement as "a deliberate move to shield banks engaged in federal law violations" and is endeavoring to inform federal authorities about it. In response, the state maintains that it is "in adherence to relevant laws and… Read more.

Senate Majority Leader Chuck Schumer (D-NY) is reiterating his commitment to advancing marijuana banking reform as the chamber comes back into session from the August recess. In a floor speech on Tuesday, Schumer discussed various legislative priorities for the coming weeks and months. That includes “making progress on cannabis” through the Secure and Fair Enforcement (SAFE) Banking Act, he said. However, he stressed that “we are under no illusion that we can make progress on the Senate floor unless we… Read more.

A key Senate committee chairman says that he’s spoken with Majority Leader Chuck Schumer (D-NY) about moving bipartisan marijuana banking legislation, which he hopes to advance along with several other priority bills “in the next six weeks.” Senate Banking Committee Chairman Sherrod Brown (D-OH) told Punchbowl News on Monday that the Secure and Fair Enforcement (SAFE) Banking Act is one of the top bills on his fall legislative agenda. And while he didn’t comment on the substance of his conversation… Read more.

During the company’s most recent earnings call, Cresco Labs (CSE: CL) (OTC: CRLBF) CEO Charles Bachtell strongly implied that he believes federal marijuana reform is still on the horizon, despite the lack of progress to date on bills such as the SAFE Banking Act. He’s also not worried about potential disruption or added regulations if marijuana is federally rescheduled. “I’ve spent a lot of time in D.C. this year,” Bachtell said. “There are a lot of constructive conversations happening, and the right… Read more.

Senate Majority Leader Chuck Schumer (D-NY) says that work continues to pass a bipartisan marijuana banking bill, and another Democratic senator is urging voters to keep up the pressure as lawmakers head back to their districts for the summer. But despite their optimism, a key committee chairman and the measure’s Republican top sponsor are still stuck in an intractable blame game. Action on the Secure and Fair Enforcement (SAFE) Banking Act is on hold for at least a month as… Read more.

First reported by Marijuana Moment, a Republican senator has voiced skepticism regarding Senate Majority Leader Chuck Schumer's ambitious plan to address marijuana banking and other legislative priorities during the summer session. Senator John Cornyn believes that Schumer's proposed timeline is unrealistic, deeming it wishful thinking to expect the successful completion of all the necessary items within the limited timeframe. As the debate over cannabis banking reform intensifies, the Secure and Fair Enforcement (SAFE) Banking Act passage remains uncertain. Speaking on the Senate floor, Senator… Read more.

Senate Majority Leader Chuck Schumer (D-NY) is highlighting marijuana banking reform is one of several key legislative priorities that he intends to push through using bipartisan cooperation when the Senate reconvenes next month. The Republican sponsor of the cannabis bill, meanwhile, says this is the “best” time to get the job done—but cautioned that passage could be jeopardized if Democrats move to significantly expand the scope of the legislation. In the first half of this year, the majority leader was… Read more.

The issue of marijuana banking has been a longstanding concern within the cannabis industry. Despite previous bipartisan support in the House of Representatives, the SAFE Banking Act has faced challenges reaching the president's desk. However, there is optimism that the current situation may differ. Are you going to fall for the "banana in the tailpipe", again as far as SAFE Banking is about to pass? Cannabis.net has always stood by the statement that, "Weed will be federally legally, when Mitch McConnell say… Read more.

Although federal regulations make providing banking services to the legal cannabis industry a regulatory burden, some banks have opted to offer financial products to regulated cannabis businesses. One such institution was Signature Bridge Bank, which was seized by federal regulators earlier this year after suffering a liquidity crunch tied in part to investments in the cryptocurrency market. On March 12, 2023, the New York State Department of Financial Services took possession of Signature Bridge Bank to protect depositors and appointed… Read more.

A coalition of marijuana advocacy groups is asking that a bipartisan marijuana banking bill be expanded to include provisions ensuring that cannabis businesses have access to all forms of financial services—including the ability to be listed on senior U.S. stock exchanges. In a letter sent to Senate Banking Committee leadership on Thursday, the coalition SAFE Banking for Equity said that it appreciates that the panel is “treating this issue with the urgency it demands” by holding a hearing focused on cannabis… Read more.

Senate Majority Leader Chuck Schumer (D-NY) says a committee vote on a marijuana banking bill will be scheduled “in the near future” following an initial hearing on Thursday—and he is reiterating plans to attach criminal justice reform provisions to the financial services measure. In a speech on the floor on Thursday evening, Schumer said that the Senate Banking Committee meeting represented a “big step” for the bipartisan Secure and Fair Enforcement (SAFE) Banking Act, which was refiled by Sens. Jeff Merkley… Read more.

Cannabis stocks have scored a boost from optimism around Thursday’s hearing on a bill that would protect banks that work with the industry, but some analysts are downbeat on the SAFE Banking Act’s chances of becoming law. “We believe the cannabis banking effort faces an uphill climb in this Congress, but there will be mile markers on the road ahead that could make us more optimistic,” said BTIG’s Isaac Boltansky and Isabel Bandoroff in a note. “Before lining up for… Read more.

The American Bankers Association (ABA) is renewing its call for the passage of a bipartisan marijuana banking bill that was refiled last month. Days before the Senate Banking Committee is scheduled to discuss the issue at a marijuana-focused hearing, ABA sent a letter to congressional leadership voicing “strong support” for the Secure and Fair Enforcement (SAFE) Banking Act. The association said that this “important legislation would help bring certainty to an important issue that has become a challenge for so many… Read more.

A key Senate committee chairman said on Thursday that a hearing on a bipartisan marijuana banking bill could be scheduled as early as next week, adding that lawmakers are going to “move quickly on it.” Senate Banking Committee Chairman Sherrod Brown (D-OH) told NBC News reporters that his panel could hold a hearing on the Secure and Fair Enforcement (SAFE) Banking Act as soon as next Thursday, May 11. While a hearing hasn’t been formally scheduled yet, the comments come as senators… Read more.

A bipartisan group of lawmakers introduced legislation that would free up banking services for the cannabis industry. NBC News Congressional Correspondent Julie Tsirkin travels to Montana to talk to cannabis business owners about some of the challenges they face.  (Full Story) Read more.

Sen. Cory Booker (D-NJ) says that lawmakers are working to “resurrect” a package of marijuana reform legislation from last session, acknowledging that failure to advance a banking fix for the industry “literally means that hundreds of businesses go out of business.” Advocates with the non-profit Minorities for Medical Marijuana (MMM) approached Booker following a Senate Judiciary Committee hearing on unrelated issues on Thursday, urging the senator to push for passage of the Secure and Fair Enforcement (SAFE) Banking Act to… Read more.

The collapse of Silicon Valley Bank (SVB) isn’t good news for anyone. Bank collapses portend wider threats to the economy – the Great Depression is one such example – particularly when they derive from an eroding capital base resulting from the Federal Reserve raising interest rates to battle inflation. It is estimated that more than 50% of venture-backed companies used Santa Clara, California-headquartered SVB as their depository and financing institution. Wealth management, currency hedges, stock placements, you name it: SVB was the… Read more.