Senator Gardner has stated the SAFE Banking Act, which aims to guarantee a safe harbor for banks that offer marijuana dispensary funding. This will help in generating up to $2 billion to the financial kitty from the state-legal marijuana industry in Colorado.
Due to the designation of cannabis as Schedule 1 drug, many financial companies are now hesitant to create bank accounts to support the fast-growing industry. And because of this reluctance, the marijuana businesses have been forced to operate only on cash, which is inconveniencing.
Senator Gardner noted that the Congress had pushed this idea aside by their hands, while drawing it nearer with their foot, causing uncertainties to pile up for a ton of promising businesses.
Sen. Gardner also added that they had gone great guns with the SAFE Banking Act. He gave an assurance stating that they are already working hand in hand with Sen. Crapo in issues related to research, safety, as well as guidance. Gardner also said that they were progressing well with the Act bearing in mind the state and the voters’ rights.
Last summer, when people didn’t expect, Mr Crapo gave notice that his committee would spike a hearing about cannabis banking. This came after Sen. Crapo made it clear that he wouldn’t be part and parcel of anything to do with the cannabis banking initiative as he claimed that the drug is prohibited at the federal level.
Additionally, reports state that Sen. Crapo made it clear to Politico that he would participate in holding a vote on the same bill before the new year.
Now, instead of the senator holding a vote, according to his recent statement regarding the SAFE Banking Act, he asked for feedback on the bill and also gave his concerns regarding the same legislation.
With this dilemma, cannabis trade groups such as the American Bankers Association, as well as CUNA, have approached Mr Crapo to proceed with the bill. And if that happens, the cannabis industry will breathe a sigh of relief for the senate not stalling the bill this time around.
Michael Hollis is a Detroit native who now lives in Los Angeles. He is an account executive who has helped hundreds of business owners with their marijuana dispensary funding solutions. He’s experimented with various occupations: computer programming, dog-training, scientificating… But his favourite job is the one he’s now doing full time — providing business funding for hard-working business owners across the country.