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She worked for Artizen 2016
She started career with Artizen, so the founders know her.
OHIO Legalizes Marijuana !!!! NY times
Huge another State Wins
60 days Notice per form 10
Form 10 is used as a disclosure and market participants are given 60 day notice of the spin off date etc.
Great Property, Bad Neighborhood "Pink" LOL
Everyone know that the Pink Sheets are the pits of damaged companies, nearly 99% NEVER produce anything but losses, No Revenue No Profits. Mostly day traders and swing traders attempting to pump and dump where 90% of the volume comes from, worthless trading.
Artizen doesn't belong here, never did.
Step One is get the spinoff done and up list OTCQX and then to NASDQ which will happen very quickly.
Institutional players and the cannabis funds will begin to pick up shares, but they will not touch 'Pinks" so nothing is going to happen until we pack up and up list Artizen.
Nice, growing stronger everyday!!! LOL
Spin off will make Artizen shine with share restructure and access to capital. Tough to grow organically, it is the whole purpose of Capital markets and becoming a public company.
Without that capital access you may as well stay private.
Safe Banking will make ALL cannabis Co. Highly Profitable!!
Industry Experts agee that with the passage of Safe Banking and removal of 280E, nearly every single cannabis company will become Highly Profitable over nite.
That will cause uplisting to NASDAQ for many larger and smaller companies as well as allow fund investment which will cause runnaway gains for the next few years.
This is the calm before the storm!!
A landmark marijuana bill is headed to the Senate floor
Nicole Goodkind
Analysis by Nicole Goodkind, CNN
Published 7:48 AM EDT, Mon October 2, 2023
New York
CNN
The Senate Banking Committee approved a historic marijuana banking bill last week that breaks barriers between financial institutions and cannabis companies.
The Secure and Fair Enforcement Regulation (SAFER) Banking Act, which aims to resolve a longstanding financial deadlock that forced cannabis-related companies to operate using only cash, will now make its way to the Senate floor. Iterations of this bill have been presented in committee since 2015, but this is the first time the bill has received a yes vote and made its way to the Senate at large.
As the marijuana market flourishes across the US, federal legal ambiguity has hindered its full potential, making transactions an all-cash, risky affair.
The legislative road ahead is tough, despite the bipartisan majority in committee, but this bill could redefine the business of marijuana.
Before the Bell spoke with Senator Jeff Merkley, a Democrat from Oregon and a sponsor of the bill, about what comes next.
This interview has been edited for length and clarity.
Before the Bell: You first introduced a version of this bill in 2015; why do you think that it’s taken nearly eight years to get it this far?
Senator Jeff Merkley: More and more states have created medicinal cannabis programs or recreational cannabis programs over those eight years. The issue and problems of a pure cash economy have grown across the country, and more senators are aware of the challenges in their home state. That has slowly built the level of concern and attention to a point where we think a significant majority of the Senate will now support changing things. In Oregon we have a robbery at a dispensary about every other day because the dispensaries are full of cash. Employees are mugged when they come out of their offices because people think they’re carrying cash. A cannabis business owner drove from Portland to Salem to deliver his taxes, and he had a backpack with $70,000 cash in it. More of the country has seen the problem and has built a coalition, and now we’re ready to play.
What do you hear from the banks? Are they on board?
Banks have been in a difficult position because they have had to sever the relationship they have with longstanding clients. If they do business with a company that provides fertilizer to 200 places and one of them is a cannabis company, they have to cancel that bank account. That’s an enormous inconvenience. There are some institutions, including some credit unions, that provide services, but their fees are much higher than for any other commercial enterprise.
Could the cannabis industry be big business for banks?
It’s a billion dollar business in Oregon. That’s a significant opportunity for banks to provide services. Over the last few years folks have questioned whether this bill is all about big banks wanting to enter the marketplace. I have never heard from any of the banks on Wall Street about this. What I’ve heard is that small businesses are struggling because their ability to use the banking system has been canceled.
Is this a first step to cannabis tax reform or rescheduling the drug?
It is one of three big issues surrounding us. You have the provision of banking services, then you have the fact that cannabis is scheduled as a top level concern whereas meth, which is savaging our communities, is not. And then you have the tax provisions. Currently these businesses pay on their gross revenue and not their net revenue, and that’s crazy. If your revenue is a million dollars and your expenses are a million dollars, you have zero profits. But you have to pay taxes as if you had a million dollars in net profits. But I don’t see them as dominoes like one affects the other.
Why is part of this bill about reputational risk?
This bill sends a message to regulators that they should never tell a bank to shut down an account because they don’t like the type of business that the bank is holding that account for. So that’s a second piece of this bill, section 10, is saying to regulators, ‘you are not moral police.’ If a company is legal and they don’t have financial concerns, then it’s improper to tell them to shut down the account for that business.
The third part of the bill focuses on restorative justice. This has been very important because the cannabis prosecutions have been absolutely unjust. White Americans and Black and brown Americans use cannabis at about the same rate, but the prosecution of brown and Black Americans has been basically four times that of White Americans — giving them criminal records and disrupting their lives with jail time. This bill includes the start of addressing that. It says that first we will look carefully through a report on equity and diversity in the cannabis industry. Second of all, we will require data collection related to veteran-owned businesses, small businesses and women- and minority-owned businesses. Third, it will say that income related to cannabis is completely appropriate for use in federally backed mortgages, so people can become homeowners who were blocked from becoming homeowners. And then fourth, it says that community development financial institutions and minority depository institutions are fully legal in serving cannabis dispensaries and their subcontractors.
Ohio Could Be Next State To Legalize Adult-Use Weed
Iris Dorbian
Contributor
I cover the business of cannabis.
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Sep 29, 2023,09:24am EDT
Ohio highway sign with marijuana leaf
Ohio could be the next state to legalize adult-use marijuana.
According to multiple polls, most Ohioans are planning to vote for "Issue 2," a November ballot initiative that will legalize and regulate possession, home cultivation and retail sales for those ages 21 or older. The finding is not surprising given that most Ohioans support legalization in general. The polls only confirm the inevitable likelihood of legalization in Ohio.
In the most recent poll, which was commissioned by the Coalition to Regulate Marijuana Like Alcohol and conducted by FM3 Research, 55 percent said they “definitely” or “probably” will vote yes on the initiative, while about 34 percent “definitely” or “probably” will oppose it. Only about 11 percent were undecided. The survey polled 843 likely voters.
The ballot measure allows for the following:
Possession of up to 2.5 ounces of marijuana or 15 grams of marijuana extract by adults;
Ohioans could purchase marijuana at retail locations or grow up to 12 plants in a private residence (where at least two adults reside); and,
Retail cannabis products would be taxed at 10%.
Sales are anticipated to generate between $276.2 million to $403.6 million in annual cannabis tax dollars by the fifth year of sales. Towns can opt out of selling marijuana if most of its elected officials decide in favor of doing so.
Paul Armentano, deputy director of NORML, a Washington DC-based nonprofit that advocates for marijuana laws reform, said Ohioans' support for legalization did not surprise him.
$PVSP, As I mentioned, it can only move UP!
LOL, what a clown !!
What Would The SAFER Banking Act Mean For The Marijuana Industry?
Dario Sabaghi
Contributor
I cover the cannabis industry with a focus on Europe.
Beautiful green cones of marijuana in the bank
Beautiful green marijuana cones and dollar bills in open bank on dark tableGETTY
The marijuana industry in the United States writes a new chapter of its history with the vote of the Senate Committee on the bill that would secure access for businesses to financial institutions.
The Senate Committee passed The Secure and Fair Enforcement Regulation Banking Act with a 14-9 vote on Wednesday, September 27, after weeks of negotiations and revisions to reach a bipartisan agreement.
The SAFER Banking Act replaces the Secure and Fair Enforcement (SAFE) Act, a bill that has never reached consensus in the Senate. It's not a coincidence that this time the introduction of the SAFER Banking Act started its journey in the Senate.
PROMOTED
The revised text keeps the core of the SAFE Banking Act, which aims to ease the access for marijuana businesses to deposit accounts, insurance, and other financial services.
However, it comes with minor amendments, especially regarding the language used in the proposal, resulting from negotiations between Democrats and Republicans, the latter of whom obstructed the SAFE Banking Act in the last few years.
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The vote of the Senate Committee has been welcomed positively by marijuana stakeholders, as it represents a step forward for consolidating the industry in terms of legislation, as marijuana is still federally illegal.
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Tim Barash, CEO of Dutchie, an all-in-one technology platform powering the cannabis industry with point of sale, e-commerce, payments, and insurance, explained that the SAFER Banking Act would help the company accelerate offerings and consistently support our customers, thousands of dispensaries across the country, as they operate through "the next leg of industry growth."
"Easier access to capital, banking services, and payment methods will be a big benefit to the entire industry," he said.
After the Senate vote, the stock prices of some U.S.-listed cannabis companies initially went up but, for the most part, dropped later.
Matt Karnes, the founder of Greenwave Advisors, explained that this is likely due to macro-driven factors, not necessarily related to marijuana but likely to other catalysts in the near term.
Although Karnes recognizes that the big push for the marijuana industry would be the reclassification of marijuana at the federal level, he acknowledges that the SAFER Banking Act would remove operational risk for marijuana businesses, given the enormous cash floating around.
"With lower risk, that would translate into a higher valuation. But I think another big component of the benefit is that the SAFER Banking Act will also be providing another source of capital for many small businesses that have been disproportionately disadvantaged by the Covid-19 pandemic. The Small Business Administration provided a lot of low-interest loans to many businesses, but small marijuana businesses were disqualified from that, advantaging the big players of the industry," he said.
Peter Su, director of specialty banking for Hanover Bank, who doesn't represent the views of the company on this matter, said that when the SAFE Banking Act was first introduced years ago, the idea of federal legalization was far apart.
"The practical impact of the SAFER Banking Act today is probably not very much as hundreds of financial institutions are already banking marijuana business. It took so long to get here. It was probably groundbreaking ten years ago. But today, its practical impact is heavily minimized," he said.
However, if the SAFER Banking Act becomes law, the options for marijuana businesses to access financial institutions will be more comprehensive.
Su argues that the SAFER Banking Act plays a crucial role in tackling the obstacles that marijuana businesses encounter, such as underbanking and challenges concerning capability, capacity, and expenses. Nevertheless, many of these businesses operate with slim profit margins.
In this context, reclassifying marijuana could provide tax relief to these businesses by enabling them to utilize Section 280E of the Internal Revenue Code, which prohibits businesses dealing with Schedule I or II controlled substances, including marijuana, from claiming tax deductions or credits. A reclassification to Schedule III would alter this situation, benefiting marijuana companies.
Barash thinks that the SAFER Banking Act should be part of a more comprehensive marijuana legislation, able to ensure safe and unrestricted access to legal cannabis for all Americans aged 21 and older, similar to the regulations governing alcohol, in order to end the incarceration of individuals for non-violent marijuana offenses.
"The cannabis industry needs the SAFER Banking Act today as part of an ongoing process to right the wrongs of the last few decades of failed cannabis policy," he said.
The journey of the SAFER Banking Act may have a positive outcome. Karnes thinks there is s more bipartisan support for this bill this time. Furthermore, he highlights that the U.S. is at a point where almost half of the states have legalized marijuana, and more are expected to regulate it soon.
"This puts us over the majority in terms of the number of states. So I think just the mere fact that legalization has so much public support that it just seems to me that this is the right time," he said.
The SAFER Banking Act will now continue its journey to the House, which passed earlier versions of the SAFE Banking Act several times in the last few years.
However, a government shutdown could potentially slow down progress, especially if it's lengthy, affecting the timeline for passing the SAFER Banking Act and other pending legislation.
Over Eight Hundred Banks File to Allow Cannabis Businesses,
FinCEN Reports
The U.S. Department of Treasury is getting hundreds more requests from banking institutions to work with cannabis businesses.
BY
BENJAMIN M. ADAMS
SEPTEMBER 25, 2023
Banks
Shutterstock
Banking institutions are in a race to allow cannabis businesses ahead of imminent changes in the way cannabis is classified at the federal level, according to federal data. Cannabis remains prohibited at the federal level, but the U.S. Health & Human Services Department (HHS) recommendation to reclassify cannabis from a Schedule I to a Schedule III changes everything.
NORML reports that there’s a spike in the number of banking institutions that are filing to work with cannabis businesses as the fear of repercussions subsides.
According to quarterly data provided by The Financial Crimes Enforcement Network (FinCEN), a bureau of the United States Department of the Treasury, over 800 banks and credit unions have filed paperwork with the U.S. government acknowledging their relationships with licensed cannabis businesses.
FinCEN reports that 812 banks and credit unions reported that they are actively working with cannabis companies during the second quarter of the FY2023. That’s a record high since FinCEN first started tracking these numbers. It represents a significant rise from last year’s numbers, when they identified 553 banks—only 11 percent of all U.S. banks—and 202 credit unions.
FinCEN “issued guidance to clarify Bank Secrecy Act (BSA) expectations for financial institutions seeking to provide services to marijuana-related businesses (MRBs),” the report, which is available for download, reads. “This FinCEN guidance clarified how financial institutions can provide services to marijuana-related businesses consistent with their BSA obligations, and aligns the information provided by financial institutions in BSA reports with federal and state law enforcement priorities.”
FinCEN Types of Cannabis Businesses
“FinCEN’s 2014 Guidance specifies three phrases for describing a financial institution’s relationship to Marijuana-Related Businesses (MRBs) in SARs:
Marijuana Limited: means the financial institution provides financial services to an MRB that the financial institution reasonably believes, based on its customer due diligence, does not implicate one of the Cole Memo priorities or violate state law.
Marijuana Priority: means the financial institution provides financial services to an MRB that the financial institution reasonably believes, based on its customer due diligence, implicates one of the Cole Memo priorities or violates state law.
Marijuana Termination: means the financial institution deems it necessary to terminate a relationship with an MRB in order to maintain an effective anti-money laundering compliance program.”
NORML leaders discussed the topic with The Hill last May.
“No industry can operate safely, transparently or effectively without access to banks or other financial institutions and it is self-evident that the players in this industry (smaller and minority-owned businesses in particular), and those consumers that are served by it, will remain severely hampered without better access to credit and financing,” NORML Deputy Director Paul Armentano told The Hill.
According to survey data compiled last year by Whitney Economics, over 70% of cannabis businesses that were asked said that the “lack of access to banking or investment capital” is their top challenge.
FinCEN’s Marijuana Banking Update from March 2022 shows a steady increase in the number of banks and credit unions filing to cater to cannabis businesses. “As of 30 September 2021, FinCEN had received a total of 219,097 SARs using the key phrases associated with MRBs. Several of the SARs contain more than one key phrase, which accounts for the numbers for each key phrase being greater than the total,” the report reads.
“FinCEN received 172,501 SARs from filers using the key phrase ‘Marijuana Limited.’ FinCEN received 15,359 SARS from filers using the key phrase, Marijuana Priority. FinCEN received 42,791 SARs from filers using the key phrase ‘Marijuana Termination’.”
FinCEN began providing guidance to cannabis businesses in 2014 with the goal to to help banking institutions operate while cannabis remains illegal at the federal level.
Why Banks Are Changing Their Tune
Yahoo! News reported earlier this month that HHSrecommendation to reclassify cannabis from a Schedule I to a Schedule III drug could transform the cannabis industry and create new opportunities for banking institutions.
“Rescheduling cannabis to Schedule III may allow dispensaries to accept credit card payments,” Richard Laiderman, former head of global treasury for VISA and Co-Founder and chair of StandardC, said. Credit card payments may supplant cash transactions if this occurs, reducing the risks and costs associated with cash-only operations.”
Cannabis banking expert Robert Baron said, “While changes will inevitably occur, financial institutions looking to serve this market segment must implement risk management tools to evaluate and monitor cannabis businesses. This is where StandardC’s business underwriting & monitoring tools are perfectly suited to meet their Bank Secrecy Act and customer due diligence obligations.”
The HHS recommendation to reclassify cannabis from Schedule I to Schedule III would be a pivotal step—the first of its kind at the federal level—to make the cannabis industry safer for everyone.
U.S. Senate Committee Approves Bipartisan Marijuana Banking Bill, Sending It To The Floor
Published 1 hour ago on September 27, 2023By Kyle Jaeger
The Senate Banking Committee has approved a bipartisan marijuana banking bill with amendments, sending it to the floor.
On Wednesday, members voted to pass the Secure and Fair Enforcement Regulation (SAFER) Banking Act, sponsored by Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT), in a 14-9 vote. This comes one week after it was filed with revisions that were meant to bolster its bipartisan buy-in.
“It’s been quite a journey,” Committee Chairman Sherrod Brown (D-OH) said at the beginning of the meeting. “Regardless about how you feel about states’ efforts to legalize marijuana, this bipartisan bill is necessary. It will make it safer for legal cannabis businesses and service providers to operate, to protect their workers first and foremost and to operate in their communities.”
Sen. Steve Daines (R-MT), the lead GOP sponsor of the SAFER Banking Act, emphasized that he does not view the legislation as a step toward legalization, which he opposes. But “the current all cash model of legal cannabis businesses makes him targets for theft, for tax evasion and for organized crime,” he said.
“The key to addressing this risk is by ensuring that all legal businesses have access to the banking system,” Daines said.
The committee adopted an amendment from Brown making technical, clean-up changes that are considered non-controversial.
Members were expected to consider multiple additional amendments on issues such as cannabis industry access to stock exchanges, banking regulations aimed at preventing discriminatory enforcement, broad justice-focused marijuana reform and more. However, those did not come up.
Landmark marijuana financing bill set to move forward in the Senate
PUBLISHED WED, SEP 27 20237:00 AM EDT
KEY POINTS
A new bill aimed at establishing a safe harbor for financial institutions serving legal marijuana businesses is expected to advance to the Senate floor Wednesday.
The Secure and Fair Enforcement Regulation Banking Act was introduced by a bipartisan group of senators last week.
If passed, the bill will pave the way for the sector to secure greater financing and scale into a broader market.
Senator Jeff Merkley, a Democrat from Oregon, speaks during a news conference at the U.S. Capitol in Washington, D.C., on Saturday, Jan. 25, 2020.
Senator Jeff Merkley, a Democrat from Oregon, speaks during a news conference at the U.S. Capitol in Washington, D.C., on Jan. 25, 2020.
Zach Gibson | Bloomberg | Getty Images
A new bill that aims to give the marijuana industry access to banking services is expected to move forward in the Senate on Wednesday.
The Secure and Fair Enforcement Regulation Banking Act was introduced by a bipartisan group of senators last week. The bill would provide legal protection to banks or other financial institutions that offer services to state-legal marijuana businesses.
The Senate Banking Committee will mark up the bill Wednesday, and the panel is expected to vote to advance it to the full chamber’s floor.
The bill is being led by Sens. Jeff Merkley, D-Ore.; Steve Daines, R-Mont.; Kyrsten Sinema, I-Ariz.; and Cynthia Lummis, R-Wyo., as well as Majority Leader Chuck Schumer, D-N.Y.
“This legislation will help make our communities and small businesses safer by giving legal cannabis businesses access to traditional financial institutions, including bank accounts and small business loans,” the senators said in a joint statement.
“It also prevents federal bank regulators from ordering a bank or credit union to close an account based on reputational risk,” they added.
Even as 39 states have legalized marijuana for recreational or medical use, the sector has struggled to scale. Marijuana’s classification as a Schedule I substance, or one with no currently accepted medical use and a high potential for abuse, along with federal prohibition, pose a risk to banking institutions. This, in turn, has limited access to financing and a broader market.
Moreover, without access to financial services, state-legal cannabis businesses are forced to operate their businesses solely using cash, which can result in robbery, money laundering and organized crime.
Due to the opening of new adult-use markets in individual states, combined U.S. medical and recreational cannabis sales are expected to reach $33.6 billion by the end of 2023, according to analysis from the MJBiz Factbook from industry news outlet MJBizDaily.
The landmark vote Wednesday will mark the first time the Senate has considered the legislation. An earlier version of the bill, the SAFE Banking Act, passed in the House seven times previously but has never advanced through the Senate under both Democratic and Republican control. Late last year, lawmakers excluded it from a $1.7 trillion government funding bill.
The bill may face a tougher path to passage if it ends up before the GOP-controlled House.
“I think it probably passes the banking committee, but I think it doesn’t go anywhere in the House,” said Ian Katz, an analyst with Capital Alpha Partners who covers banking and financials.
“Republicans seem to be souring on it,” he added.
The new bill includes stricter requirements for federal regulators, such as prohibiting them from terminating any marijuana-related accounts without “valid reason,” or from denying banking services based on “personal beliefs or political motivations.”
Group representing state legislatures supports banking for cannabis businesses
by CORY SMITH | The National DeskTue, September 26th 2023, 3:23 PM EDT
(TND) — The National Conference of State Legislatures is throwing its support behind the latest bill aimed at giving legal cannabis businesses access to traditional banking services.
The Secure and Fair Enforcement Regulation (SAFER) Banking Act has bipartisan support and is set for Senate committee markup Wednesday.
Supporters say this bill will ensure state-sanctioned cannabis businesses have access to deposit accounts, insurance and other financial services.
Marijuana remains illegal under federal law, so cannabis businesses operate on cash sales because banks are exposed to legal and regulatory risks if they take them on as customers.
The American Bankers Association says there’s a “rift between federal and state law” and that has “left banks trapped between their mission to serve the financial needs of their local communities and the threat of federal enforcement action.
“While ABA takes no position on the moral issues raised by legalizing marijuana, the growing number of states that allow its sale and use raises practical issues that must be addressed,” the ABA says.
NCSL CEO Tim Storey sent a letter to congressional leaders on behalf of states in support of the SAFER Banking Act.
“The inability of legal cannabis businesses to receive financial services from the federal banking system creates an unsafe and untenable position for these legal entities,” reads the letter.
Forty-seven states and the District of Columbia have passed some sort of cannabis legalization, according to the NCSL.
The SAFER Banking Act is sponsored by Democratic Sen. Jeff Merkley of Oregon and is an update to a version he sponsored earlier this session.
Cannabis banking outlook bright in Senate, but federal shutdown looms
author profile pictureBy Chris Roberts, Reporter
September 26, 2023
Long-awaited federal cannabis banking reform is expected to sail through a key U.S. Senate panel hearing Wednesday, which would be the first time the landmark legislation has secured a yes vote in the upper chamber of Congress.
But after that, prospects for the bipartisan and heavily negotiated SAFER Banking Act are much less certain, multiple cannabis industry observers told MJBizDaily.
For once, negative attitudes toward marijuana wouldn’t be to blame.
Instead, the obstacle is the chaos currently enveloping Congress, where a government shutdown looks increasingly likely – although not guaranteed – come Oct. 1.
“If there’s a shutdown, we can reasonably expect that to slow down progress on Capitol Hill across the board,” said David Culver, senior vice president of public affairs at the U.S. Cannabis Council, which represents major cannabis industry interests in Washington DC.
“I’m not going to sugarcoat it: The shutdown is not good for SAFE. It’s not good for anything else moving forward this Congress.”
On Sept. 20, Democratic Senate Majority Leader Chuck Schumer led a bipartisan group of lawmakers in announcing a new version of what had been called SAFE Banking.
The legislation would permit banks and other financial institutions to serve state-legal marijuana businesses without the threat of a crackdown by federal authorities.
The SAFER (Secure and Fair Enforcement Regulation) Banking Act – as the compromise bill has been dubbed – is scheduled for a markup hearing by the Senate Banking Committee on Wednesday – the first time the measure is expected to clear this hurdle in the chamber’s “regular order” process.
It’s understood that Schumer would go through such a ritual only if the bill’s path forward was clear.
‘We’ll pass it decisively’
Sen. Sherrod Brown, an Ohio Democrat who chairs the banking committee, predicted last Thursday the legislation would garner a strong majority of yes votes from the panel’s members.
“I don’t know what the vote will be, but I know we’ll pass it decisively,” he said in an interview with Matt Laslo of the Ask a Pol podcast.
Brown also said he doesn’t anticipate many amendments to SAFER Banking on the Senate floor, adding, “I think there will be enough agreement that we will keep the bill together and make minor changes.”
However, also last Thursday, a coterie of far-right Republican lawmakers blocked a usually routine defense spending bill, handing Republican House Speaker Kevin McCarthy a stunning defeat and jeopardizing his already weak hold on power.
The next day, federal lawmakers left Washington DC for the weekend without an agreement in place to fund the government beyond Sept. 30.
If Congress can’t hammer out a funding deal by that date, federal payments would stop and federal employees would begin to be furloughed Oct. 1.
Normal operations would be put on hold indefinitely while Congress tries to come to terms on a spending bill to fund the government.
Any funding deal could be a temporary agreement.
Uncertainty rules
How long a potential shutdown might last is anybody’s guess.
That would mean that after SAFER Banking’s markup in the banking committee this week, it’s far from clear when time could be found for a final vote on the full Senate floor – where, multiple sources told MJBizDaily, it’s believed SAFER Banking would enjoy more than the 60 votes necessary to defeat any filibuster.
But all that would need to happen before negotiations can begin in the House of Representatives, where concerns from some key Republicans would need to be addressed, Capitol Hill sources told MJBizDaily.
The longer any shutdown lasts, the less time there would be for Congress to pass SAFER Banking – along with any other pending legislation.
“This isn’t unique to cannabis,” one Capitol Hill source close to negotiations said anonymously, in order to speak freely.
“I think everybody with an agenda right now is looking at this like it might be a long shutdown.
“And if it’s a long shutdown, they’re not going to get the floor time.”
Of course, that prospect might not come to pass if lawmakers are able to nail down a funding agreement that would keep the federal government open – or if any shutdown proves short-lived.
Presidential pickle
Looking farther ahead, the looming 2024 presidential election presents another complication.
“The closer you get to November 2024, the ability to get anything done in a bipartisan manner decreases significantly, then grinds to a halt,” another observer said.
Don Murphy, a longtime pro-marijuana lobbyist on Capitol Hill, gave a more optimistic outlook.
“No one that I’ve talked to – and I’m talking generally all the senators involved, like Merkley, Daines and Brown – none of them see a shutdown as a problem for SAFE Banking,” he said.
“Assuming there is a shutdown, it will be relatively short,” Murphy added.
“This potential shutdown is not going to be but a blip on the radar of the timeline.”
Chris Roberts can be reached at chris.roberts@mjbizdaily.com.
Wisconsin Lawmakers Introduce Marijuana Legalization Bill
A.J. Herrington
Contributor
I cover cannabis and hemp news, business, and culture.
Sep 24, 2023,12:56pm EDT
A pair of Democratic lawmakers in Wisconsin last week introduced legislation to legalize recreational marijuana for adults and establish a framework for regulated cannabis sales. If passed, Wisconsin would join the nearly two dozen states that have ended the criminal prohibition of marijuana.
The bill was unveiled in a Wisconsin hemp farm on Friday by Sen. Melissa Agard, the state Senate Democratic Leader, and Rep. Darrin B. Madison. If successful, the measure would legalize cannabis use and the possession of up to five ounces of marijuana by adults aged 21 and older.
A pair of Wisconsin lawmakers has introduced a bill to legalize marijuana for adults.
“I’ve said this time and time again – we know that the most dangerous thing about cannabis in Wisconsin is that it remains illegal,” Agard said in a joint statement from the lawmakers. “For the past decade, I have worked to undo Wisconsin’s antiquated and deeply unjust marijuana policies and put our state on a prosperous path forward.”
The bill would also remove criminal penalties for possession of marijuana by individuals under age 21, who would instead be subject to a fine for such offenses. Additionally, adults charged with possession of more than five ounces of cannabis would no longer face felony charges.
NCAA committee recommends legislation to remove cannabis from banned substances list in all three divisions
Dialogue to remove cannabis from the NCAA's list of banned substances has occurred over an extended period of time
Dean Straka
By Dean Straka
7 mins ago
NCAA General Views
Getty Images
The NCAA Committee on Competitive Safeguards and Medical Aspects of Sports recommended legislation that would remove cannabis from the NCAA's list of banned drug classes at all three divisions, the governing body announced Friday. The recommendation calls for a "robust educational strategy" for college athletes when it comes to cannabis.
The committee concluded that removing cannabis from the list of banned substances would accomplish the following:
Acknowledges the ineffectiveness of existing policy (banning, testing and penalizing).
Affirms the role of the NCAA drug-testing program to address only performance-enhancing substances.
Emphasizes the importance of moving toward a harm-reduction strategy that prioritizes education and support at the school level over penalties.
"Cannabis is not a performance-enhancing drug and that a harm-reduction approach to cannabis is best implemented at the school level," The NCAA stated in a release following midweek meetings in Indianapolis.
Schumer Circulates Petition To ‘Demand’ Federal Marijuana Legalization
As He Works To Advance Cannabis Banking Bill
Published 6 hours ago on September 22, 2023By Kyle Jaeger
As Senate Majority Leader Chuck Schumer (D-NY) works to advance a bipartisan marijuana banking bill, he’s also calling on supporters to join him in demanding that the federal government legalize marijuana.
In a campaign email blast this week, the senator said “it’s time to legalize marijuana nationwide” and asked supporters to add their name and contact information to an online petition promoting an end to cannabis prohibition.
The sign-on form, which is a common tactic used to build a political campaign’s email and fundraising list, notes that “over 40 percent of Americans live in states where marijuana is legalized—both red states and blue states—and support for marijuana legalization is overwhelming, no matter your party.”
“Sign on to demand that the federal government end the prohibition of marijuana,” it says.
Schumer’s email blast that directs to the form adds that there’s “absolutely no reason marijuana should be criminalized on the federal level.”
“And by legalizing marijuana nationwide, we can reinvest tax revenue into communities most impacted by the failed War on Drugs and fund efforts to expunge prior marijuana convictions,” it says. “It’s long past time to end the federal prohibition of marijuana.”
Schumer has previously leveraged his support for marijuana legalization in campaign fundraising blasts, including in 2021 when he touted the issue as a Democratic legislative priority.
So far this session, no marijuana legalization bill has been filed on the Senate side this session, though Schumer did previously champion a comprehensive reform bill that ultimately did not advance during the last Congress.
Meanwhile, a bill to legalize, tax and regulate cannabis was filed by House Democrats on Wednesday. However, its prospects are dubious given GOP control of the chamber.
While all-encompassing legalization may be a long-shot under the current Congress, advocates and stakeholders are increasingly hopeful about a bipartisan marijuana banking bill Schumer is also championing and which is due for a Senate Banking Committee markup next week before potentially moving to the floor.
Schumer reaffirmed his commitment to expeditiously advancing the Secure and Fair Enforcement Regulation (SAFER) Banking Act on Wednesday—and he says he will also push to attach legislation on cannabis expungements and gun rights for marijuana consumers.
At the same time, the lead GOP Senate sponsor of the SAFER Banking Act is now planning to introduce new legislation to prevent marijuana from being federally legalized by the Food and Drug Administration (FDA) without congressional approval.
Trade Associations, Advocacy Groups And Labor Union Push Congress To Pass Marijuana Banking Bill ‘This Year’ For Worker Safety
Published 1 day ago on September 19, 2023By Kyle Jaeger
A coalition of 35 cannabis trade associations, drug policy reform groups and a top national labor union are calling on Congress to help address the “humanitarian toll” of robberies targeting cash-intensive marijuana businesses by passing a bipartisan cannabis banking bill “this year.”
As the Senate Banking Committee prepares to vote on the Secure and Fair Enforcement (SAFE) Banking Act next week, the coalition sent a letter to congressional lawmakers on Tuesday that described passage of the legislation as a “moral imperative.”
The letter, led by StoptheDrugWar.org and the Cannabis Alliance, offers a worker safety perspective on the issue, explaining how the current lack of access to financial services for marijuana businesses has created an untenable environment that puts cannabis workers and customers at unique risk of being victimized by crime.
“Between the directly targeted personnel, their friends and loved ones, and their at-risk colleagues, the impacted population numbers in the thousands,” the organizations wrote. “Customers of these stores, who had sought a safer environment by taking their business to the state-legal system instead of the underground market, can also be considered an impacted population.”
“The number of people affected in these ways will continue to grow with the passage of time, and as medical or adult use legal cannabis systems get established in more places, absent measures taken by Congress and others to protect them,” they wrote.
The letter also points to a report published by StoptheDrugWar.org late last year, highlighting a spate of more than 100 robberies that took place at over 80 cannabis dispensaries in Washington State from November 2021 to April 2022. Gov. Jay Inslee (D) also called on Congress to act on the SAFE Banking Act amid the targeted crime surge.
“As cash usage in our society has declined, people who steal for a living have become desperate for income,” StoptheDrugWar.org Executive Director David Borden said in a press release on Tuesday. “Those stores which have valuable merchandise to target, or which still have lots of cash around—or which like cannabis stores have both—are proportionally more at risk being targeted than was likely in the past. This means the problem isn’t going to just go away on its own.”
“Worker safety is a matter of basic justice, and while we continue to work for broad drug policy reform, we feel an obligation to also help cannabis workers right now,” he said.
Studies have found that cash is a primary motivator for the robberies, rather than the cannabis itself, the new letter from the groups says. And these crimes “were associated with higher average aggression levels than other robberies.”
The United Food and Commercial Workers International Union (UFCW), whose director of legislative and political action Ademola Oyefeso testified at an initial Senate Banking Committee hearing on the cannabis bill, is among the signatories on the letter.
Other groups that signed on include: the Alliance for Sensible Markets, Better Organizing to Win Legalization (BOWL) PAC, Drug Policy Forum of Hawai’i, Housing Works, Law Enforcement Action Partnership (LEAP), Minority Cannabis Business Association (MCBA), National Cannabis Industry Association (NCIA), National Cannabis Roundtable (NCR) and NORML, which also had several state chapter signatories.
“The facts on the ground as noted above, as well as other facts and long-held criminological understandings about property crime, show that the abnormal banking situation faced by the state-legal cannabis industry is a factor jeopardizing workers’ lives and health,” the letter says. “SAFE Banking is not the first effort to address the cannabis sector’s dangerous overreliance on cash, and it may not be the last that is needed. But the safety issues faced by the cannabis sector won’t be solved without it.”
“In light of the demonstrated humanitarian toll that is possible if an event as occurred in Washington were to recur, it is a moral imperative for Congress to enact some version of the SAFE Banking Act this year, in order to progress our country toward a safe environment for the workers, owners, customers and other visitors of state-legal cannabis retail stores,” it concludes.
In July, the American Trade Association for Cannabis and Hemp (ATACH)—along with trade groups representing marijuana businesses in 16 states plus Washington, D.C.—also sent a letter to Senate Banking Committee Sherrod Brown (D-OH) and Ranking Member Tim Scott (R-SC), imploring them to pass the cannabis banking bill “without further delay.”
The American Bankers Association (ABA) also renewed its call for the passage of the legislation in May. And all 50 of its state chapters did the same, as did insurance and union organizations, in letters to congressional leadership.
At this point, the SAFE Banking Act has 42 cosponsors—nearly half of the Senate—and that includes eight Republicans and three independents. As a standalone in its current form, insiders say the measure has enough Republican buy-in to reach the 60-vote threshold needed for passage in the Senate.
Schumer Aims To Bring Newly Revised Marijuana Banking Bill To The Floor ‘With All Due Speed’ After Next Week’s Committee Vote
Published 16 hours ago on September 19, 2023By Kyle Jaeger
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 Committee vote is now being called the Secure and Fair Enforcement Regulation (SAFER) Banking Act.
Importantly, the summary, first reported by Politico, offers a first look at the types of compromises senators appear to have made in order to bolster bipartisan buy-in. Several new provisions are described under Section 10—a component of the reform that Republicans have strongly favored and certain Democrats opposed over concerns it could undermine broader banking regulations.
“We have worked hard to get a common-sense agreement that allows legal cannabis businesses across America access to financial services while protecting the capacity of federal regulators to stop bad actors,” Schumer said in a statement shared with Marijuana Moment on Tuesday. “This legislation will improve public safety, protect small businesses, and finally achieve action on cannabis reform. I intend to bring this legislation to the floor with all due speed.”
Representatives of the offices of Senate Banking Committee Chairman Sherrod Brown (D-OH) and the lead sponsors of the bill, Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT), did not respond to requests for comment by the time of publication.
What are the proposed changes?
It should be noted that while the section-by-section summary largely aligns with the original Secure and Fair Enforcement (SAFE) Banking Act, the provisions are only briefly described and the full text of the revised legislation has not been released. Accordingly, it’s difficult to assess the substance and scope of the changes.
The summary of the first new subsection of Section 10 says that it “provides that while Federal banking agencies have a duty to ensure that banks and credit unions are operating in a safe and sound manner, personal beliefs or political motivations used to restrict access to financial services for lawful businesses have no place at a Federal banking regulator.”
On the one hand, this seems to reinforce a policy position supported by GOP members who have sought to use the cannabis bill as a vehicle to prevent financial regulators from discriminating against certain industries, such as the gun trade and lending institutions.
But Cat Packer, vice chair of the Cannabis Regulators of Color Coalition (CRCC) and director of drug markets and legal regulation at the Drug Policy Alliance (DPA), told Marijuana Moment on Tuesday that there’s another interpretation of the summary that could also support social equity objectives, such as those she proposed as part of a recent report on opportunities to improve the marijuana banking legislation.
While the provision “may have been” designed to appeal to GOP members, “the language can work towards both ends,” Packer said.
“I do think that that’s generally in line with what CRCC and DPA have been advocating—just recognizing, in part, that banking is extremely discretionary,” she said. “And banks have had the opportunity—and will have the opportunity—to make a discretionary decision about who they bank. Historically, it’s been minority, Black and brown communities who have been underbanked.”
The last three subsections of Section 10 also appear to be new, and two of them similarly appear to be at least partly responsive to policy recommendations promoted by equity advocates.
Subsection (f) would require federal banking regulators to work with state banking supervisors and the secretaries of commerce and treasury and, within two years of enactment, “promulgate tailored rules or guidance to increase access to deposit accounts for businesses and customers and to enable banks and credit unions to more effectively maintain customer relationships—especially for those in rural, low-and moderate-income areas, Tribal communities, and unbanked businesses and consumers.”
The description of increased access and the focus on underserved communities is welcomed by advocates—though, again, the actual text is not yet available.
Subsection (g) would require the Federal Deposit Insurance Corporation (FDIC) to “conduct a biennial survey and report to identify barriers to accessing deposit accounts for small-and medium-sized businesses.”
The changes “run along the same vein” as what equity advocates have encouraged, Packer said. “I’m interested now to see the specific text of these provisions, in part because I think that they are well-aligned with some of the points that we’ve been raising.”
Another potential change to the bill is the mention of tribal communities in Section 10 and Section 11, which requires federal regulators to submit a report to Congress on access to banking for historically underbanked communities. Tribes are now listed beside minorities, veterans, women and state-sanctioned cannabis businesses as subjects of that report—which is not the case in the SAFE Banking Act as introduced.
There’s also another summary of a new subsection of Section 10 that says it “establishes a rule of construction that does not limit the ability of a Federal banking regulator from identifying or discussing issues with a depository institution’s financial condition, governance, consumer protection, internal controls, unsafe or unsound conditions, the Bank Secrecy Act, anti-money laundering or countering the financing of terrorism.”
All told, if the summary does represent the latest bipartisan agreement, it appears that the proposed additions could satisfy both sides of the aisle, with Section 10 kept “intact,” as Banking Committee member Sen. Kevin Cramer (R-ND) said this week, but also with new provisions to promote equity in the financial system.
Senators Are Reportedly Circulating Revised Marijuana Banking Bill
With New Title And Provisions As Committee Prepares To Vote Next Week
Published 30 mins ago on September 19, 2023By Kyle Jaeger
A marijuana banking bill that’s set for a Senate committee markup next week may have an updated title and several new provisions related to federal financial regulations, guidance and reporting requirements, according to a summary.
The title of the legislation is reportedly being extended by one word. The bill that’s being circulated ahead of the Senate Banking Committee vote is now being called the Secure and Fair Enforcement Regulation (SAFER) Banking Act.
Importantly, the summary, first reported by Politico, offers a first look at the types of compromises senators appear to have made in order to bolster bipartisan buy-in. Several new provisions are described under Section 10—a component of the reform that Republicans have strongly favored and certain Democrats opposed over concerns it could undermine broader banking regulations.
It’s not clear whether the summary represents the latest agreement, or where it originated from. Marijuana Moment was unable to immediately independently verify the document shared by Politico.
Representatives of the offices of Senate Banking Committee Chairman Sherrod Brown (D-OH), Senate Majority Leader Chuck Schumer (D-NY) and the lead sponsors of the bill, Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT) did not respond to requests for comment by the time of publication.
What are the proposed changes?
It should be noted that while the section-by-section summary largely aligns with the original Secure and Fair Enforcement (SAFE) Banking Act, the provisions are only briefly described and the full text of the revised legislation has not been released. Accordingly, it’s difficult to assess the substance and scope of the reported changes.
The summary of the first new subsection of Section 10 says that it “provides that while Federal banking agencies have a duty to ensure that banks and credit unions are operating in a safe and sound manner, personal beliefs or political motivations used to restrict access to financial services for lawful businesses have no place at a Federal banking regulator.”
On the one hand, this seems to reinforce a policy position supported by GOP members who have sought to use the cannabis bill as a vehicle to prevent financial regulators from discriminating against certain industries, such as the gun trade and lending institutions.
But Cat Packer, vice chair of the Cannabis Regulators of Color Coalition (CRCC) and director of drug markets and legal regulation at the Drug Policy Alliance (DPA), told Marijuana Moment on Tuesday that there’s another interpretation of the summary that could also support social equity objectives, such as those she proposed as part of a recent report on opportunities to improve the marijuana banking legislation.
While the provision “may have been” designed to appeal to GOP members,”the language can work towards both ends,” Packer said.
“I do think that that’s generally in line with what CRCC and DPA have been advocating—just recognizing, in part, that banking is extremely discretionary,” she said. “And banks have had the opportunity—and will have the opportunity to—make a discretionary decision about who they bank. Historically, it’s been minority, Black and brown communities who have been underbanked.”
The last three subsections of Section 10 also appear to be new, and two of them similarly appear to be at least partly responsive to policy recommendations promoted by equity advocates.
Subsection (f) would require federal banking regulators to work with state banking supervisors and the secretaries of commerce and treasury and, within two years of enactment, “promulgate tailored rules or guidance to increase access to deposit accounts for businesses and customers and to enable banks and credit unions to more effectively maintain customer relationships—especially for those in rural, low-and moderate-income areas, Tribal communities, and unbanked businesses and consumers.”
The description of increased access and the focus on underserved communities is welcomed by advocates—though, again, the actual text is not yet available.
Subsection (g) would require the Federal Deposit Insurance Corporation (FDIC) to “conduct a biennial survey and report to identify barriers to accessing deposit accounts for small-and medium-sized businesses.”
The apparent changes “run along the same vein” as what equity advocates have encouraged, Packer said. “I’m interested now to see the specific text of these provisions, in part because I think that they are well-aligned with some of the points that we’ve been raising.”
Another potential change to the bill is the mention of tribal communities in Section 10 and Section 11, which requires federal regulators to submit a report to Congress on access to banking for historically underbanked communities. Tribes are now listed beside minorities, veterans, women and state-sanctioned cannabis businesses as subjects of that report—which is not the case in the SAFE Banking Act as introduced.
There’s also another summary of a new subsection of Section 10 that says it “establishes a rule of construction that does not limit the ability of a Federal banking regulator from identifying or discussing issues with a depository institution’s financial condition, governance, consumer protection, internal controls, unsafe or unsound conditions, the Bank Secrecy Act, anti-money laundering or countering the financing of terrorism.”
All told, if the summary does represent the latest bipartisan agreement, it appears that the proposed additions could satisfy both sides of the aisle, with Section 10 kept “intact,” as Banking Committee member Sen. Kevin Cramer (R-ND) said this week, but also with new provisions to promote equity in the financial system.
61 MILLION on BID, LOL!!!!!
HUGE Run setting up for the next few YEARS, not a few weeks!!!
Officially scheduled vote on a marijuana banking bill for September 27.
Cannabis banking & fed employment votes in Congress (Newsletter: September 18, 2023)
Published 3 hours ago on September 18, 2023By Tom Angell
The Senate Banking Committee has officially scheduled a vote on a marijuana banking bill for September 27.
Rep. Summer Lee (D-PA) tweeted about the federal marijuana rescheduling recommendation, saying, “It’s about damn time! Despite similar usage rates, Black folks are STILL nearly 4x’s more likely to get arrested for marijuana possession. This move is long overdue & is a much needed step towards righting the wrongs of our racist criminal legal system.”
Current shareholders will have nothing to do with Future Pricing!
Gains will come from NEW Money, not old shareholders licking their wounds and complaining.
PVSP is no different than anyother PINK as far as trading history, it ran when the entire cannabis industry ran back in early 2021.
Every single company in cannabis dropped on aver over 75% and many 90% or more. Nothing new here.
The next run will make the 2021 Run look like a blip on the radar, as Cannabis stocks are headed for a 10 year RUN, not a few weeks, LOL
51 MILLION on the BID!!! They love us, LOL
Sector continues to RUN, Leafy +24%, Humbi up 30%, Aurora up 14%, Green Globe 11% TODAY Alone!!!!
PVSP will RUN
Republicans soften on federal marijuana reform in a shift that could make it a reality
A bill that would let legal marijuana businesses get access to major financial and banking institutions is likely to have the votes to pass the Senate.
Sept. 14, 2023, 7:35 PM EDT
By Julie Tsirkin and Liz Brown-Kaiser
WASHINGTON — Cannabis reform is moving one step closer to reality at the federal level, with a committee hearing on a bipartisan bill to expand banking services for legal marijuana businesses expected at the end of the month, according to multiple people directly involved in the process.
The Senate Banking, Housing, and Urban Affairs Committee is expected to hold a markup session for the bill, known as the SAFE Banking Act, the week of Sept. 25, three sources familiar with the talks said. The markup process, which allows senators to debate and consider amendments, is viewed as a key step in advancing the bill to the Senate floor.
Both Republicans and Democrats on the committee support the bill and expressed confidence that it would have enough support to pass the Senate when it comes up for a full vote, a step Majority Leader Chuck Schumer, D-N.Y., vowed to take as soon as this fall.
“We’ve got enough votes to get it passed,” Sen. Steve Daines, R-Mont., said, adding in an interview that he is "cautiously optimistic we may have something before the end of the month.”
The SAFE Banking Act would make it lawful for legal marijuana businesses to use major financial and banking institutions. Under current law, banks and creditors could face federal prosecution if they provide services to legal businesses selling the drug, leaving business owners unable to use banks as the drug remains against federal law.
Senators push to pass cannabis banking bill after marijuana rescheduling
BY ARIS FOLLEY AND TAYLOR GIORNO - 09/14/23 6:00 AM ET
A bipartisan coalition of senators behind a cannabis banking bill is pushing for a markup and working to clear key hurdles on both sides of the aisle to lock down support.
As advocates work to drum up momentum for the Secure and Fair Enforcement (SAFE) Banking Act, some proponents in the upper chamber have expressed hopes the bill could advance out of committee in the coming weeks.
“We hope to be able to announce something in the next few days,” Senate Banking Committee Chairman Sherrod Brown (D-Ohio) told reporters this week.
The SAFE Banking Act would give federally regulated banks and credit unions legal cover to take cannabis dispensaries and growers as customers. Financial institutions have been hesitant to serve state-legal cannabis businesses because of the federal ban on the drug.
Democrats say excitement has been building after the Department of Health and Human Services (HHS) recommended that marijuana, which is classified as a Schedule I drug, be moved to the Schedule III category.
“What happened on Schedule III was good, another potential breakthrough,” Sen. Ron Wyden (D-Ore.) said, adding: “We’re moving to finally end the days of ‘Reefer Madness.’ The federal government just been behind on pot.”
Sen. Mark Warner (D-Va.) called the HHS decision “a recognition of reality.”
“The idea that you’ve got marijuana illegal in over half the states, and yet at the federal level, it’s still categorized in the same category as heroin, it seems a bit out of touch with the science,” Warner said.
But as discussions continue, Brown and other negotiators say there is still some work to do before they can lock down necessary backing from conservatives and progressives to secure passage.
“There’s still some outlying issues, minor ones, but we hope to get people on board and get a strong vote,” Brown said.
While 38 states and the District of Columbia have legalized cannabis for medical or recreational use, the possession, distribution or sale of cannabis is still illegal at the federal level. As a result, legally operating cannabis businesses are often denied access to banks.
Proponents of the bill say the SAFE Banking Act would help legally operating businesses avoid the headaches and safety risks of dealing only in cash without affecting the legal status of cannabis beyond states where it’s legal.
But despite passing the House several times in recent years, the bill has faced a bumpy road in the Senate, where it needs at least 60 votes to clear the upper chamber. Both Republicans and Democrats have expressed objections to the bill, reflecting sharp partisan divides over cannabis use and regulation beyond the financial sector.
Senators had previously sought to pass the bill as part of the larger government funding omnibus approved late last year, but talks fell apart after it faced staunch opposition from GOP leadership.
Other rank-and-file Republicans have also been resistant to signing the bill backed strongly by marijuana advocates given their personal opposition to cannabis use.
“I don’t know if we got the votes. At least they don’t have my vote at this stage of the game,” Sen. Mike Rounds (R-S.D.), who also sits on the Banking Committee, told The Hill this week.
“I don’t think making access to marijuana at this stage of the game is necessarily helpful,” he added.
Republicans have also raised concerns about preventing banks from cracking down on other politically controversial industries.
“I think there’s a desire to sort of level the playing field, if you will, between things like hemp and CBD, and then there’s been some desire to — I, for one, would like to see the same premise applied obviously to banks and things like Operation Choke Point,” Sen. Kevin Cramer (R-N.D.) told The Hill, referring to the Obama-era scrutiny of bank transactions with firearms businesses.
“Try to eliminate some of that nonsense,” he said. “I think there is a discussion ripe for some compromise and some deal-making.”
Democratic negotiators say talks are still ongoing on the issue, but Sen. Jack Reed (D-R.I.), a key player in those discussions, told The Hill on Tuesday that both sides are “making progress.”
While timing around when the bill will see markup remains unclear, Sen. Steve Daines (Mont.), a key Republican in talks, told The Hill recently that he’s hopeful it will happen “sometime in September.”
“I think there’s a chance to get a markup done,” he said.
While an overwhelming majority of Senate Democrats back the bill, progressives have been wary to vote on a bill that would boost cannabis business without addressing federal drug laws.
“Robust conversations are going on that makes me very hopeful that we can get SAFE done, we can get some equity issues,” Sen. Cory Booker (D-N.J.) told The Hill on Tuesday.
Andrew Freedman, executive director of the Coalition for Cannabis Policy, Education, and Regulation, told The Hill that there are advocates who don’t believe the SAFE Banking Act should be the first cannabis bill passed by Congress.
“I think we’d rather see it be something around decriminalization. So that is definitely going be a tension all the way through with SAFE Act,” Freedman said.
Some progressives have floated adding on the Harnessing Opportunities by Pursuing Expungement (HOPE) Act, a bill offered by Reps. Dave Joyce (R-Ohio) and Alexandria Ocasio-Cortez (D-N.Y.) that seeks to help states expunge cannabis convictions.
Pressed about HOPE this week, Booker wouldn’t get specific when discussing potential add-ons for the bill, but he stressed the need for more equity in the cannabis space.
“My pillars: opening up the banking industry, creating more equity opportunities for women and minorities to have access to that banking industry, and trying to get some social criminal justice things done,” he said.
Even so, the addition of social and criminal justice measures to the SAFE Banking Act could cost support from anti-cannabis Republicans and other groups who prefer to focus on the business-oriented aspects.
The American Bankers Association (ABA) is among the prominent noncannabis groups supporting the legislation.
“We’re optimistic that we will see movement on the SAFE Banking Act in the coming weeks and urge the Senate to get this bipartisan, commonsense legislation that will enhance public safety across the finish line,” Jeff Sigmund, an ABA spokesperson, told The Hill in a written statement.
Because the possession, distribution or sale of cannabis is still illegal at the federal level, the industry is largely unbanked for fear of federal sanctions, as the ABA pointed out in a letter to Congress in May expressing its support for the bill.
This is a banking bill, not a cannabis bill, which makes it more politically palatable for some lawmakers, several lobbyists told The Hill.
“Because it deals specifically with the financial institutions, rather than the cannabis businesses, it feels — for lack of a good word — safe for a lot of these members,” David Mangone, director of policy at a federal cannabis advocacy firm called The Liaison Group told The Hill in a phone interview.
PVSP Twitter Maly 10, 2023
Pervasip Corp
@PervasipC
·
May 10
$PVSP ... oh! And did I just see some Artizen guys in NY? 👀😉
@nys_cannabis
It’s official: New York will open adult-use marijuana retail to multistate operators
author profile pictureBy Chris Roberts, Reporter
September 12, 2023 - Updated September 12, 2023
Artizen says they were in NY at Cannabis Department!! NY will be our NEXT MSO location !!!
New York regulators voted Tuesday to allow the state’s medical marijuana operators to apply for adult-use retail licenses.
That means the multistate operators who years ago snapped up a majority of the state’s 10 “registered organization” permits will enter what observers say could be the largest market on the East Coast.
Under the resolutions the Office of Cannabis Management approved Tuesday, regulators will accept applications seeking a retail or microbusiness license from Oct. 4 through Dec. 23.
Regulators also will accept applications from registered organizations during a still-unspecified window “to be set by the Office.” That action was approved in a separate resolution.
“Today marks a pivotal step toward expanding and sustaining the state’s medical program and creation of an economically viable and equitable adult-use cannabis industry in New York,” Barry Carmody, a spokesperson for the New York Medical Cannabis Industry Association (NYMCIA), said after a Cannabis Control Board meeting in Albany.
The NYMCIA represents eight of the existing MMJ licensees, including major MSOs such as New York-based Acreage Holdings and Columbia Care, Chicago-headquartered Cresco Labs and Green Thumb Industries and Massachusetts-based Curaleaf Holdings.
The vote, finalizing a May proposal by the OCM, means:
Litigation aimed at opening licensing to all applicants might be moot. The lawsuit was brought by some of those same MSOs, which sued the state in March under the name Coalition for Access to Safe and Regulated Cannabis.
The state’s social equity applicants and licensees are feeling abandoned and betrayed. Many of them are still waiting to open their doors after bureaucratic delays and separate litigation encumbered the state’s ambitious Conditional Adult-Use Retail Dispensary (CAURD) program.
The vote came a week after the CEOs of four multistate operators implored New York Gov. Kathy Hochul to allow them to enter the state’s adult-use market “without delay.”
Small businesses unhappy
“We relied on you,” Jeanette Miller, a Buffalo-area cannabis farmer, told the OCM board and staff at an impassioned meeting, reminding them of the promises that New York would allow small businesses first crack at the adult-use market.
The OCM did not immediately respond to MJBizDaily’s request for comment.
“Today’s Cannabis Control Board meeting opened the door for big cannabis to come in and compete with New York-based businesses,” the Cannabis Association of New York (CANY), which represents small and state-based businesses, said in a statement.
To help level the playing field, the CANY made three demands of New York regulators:
Reform the state’s potency tax that charges a higher rates for concentrates.
Impose identical canopy limits on “registered organizations” (ROs) and small businesses.
Crack down on the illicit market in the state. Estimates vary, but officials have said there are as many as 2,000 unlicensed sellers in New York City alone.
New York legalized adult-use cannabis in March 2021, but so far, adult-use retail licenses have been available only to “impacted individuals” of the war on drugs and certain nonprofits – to whom the state also promised 50% of all licenses.
Although hundreds of CAURD permits have been awarded, only 23 of those licensees are open for business, five of which are delivery-only.
That means CAURD applicants are burning through savings on real estate that isn’t generating revenue while small farmers – who lack the promised access to licensed retail – are watching their harvested crops go stale.
Lawsuits still in play
Meanwhile, litigation still looms over the adult-use licensing process in New York.
Two separate suits against OCM are still pending: the one filed by the MSOs and another by a group of “service-disabled veterans” shut out from the CAURD program. The group filed a lawsuit in August that challenged the legality of the CAURD program.
The OCM went into executive session to discuss those lawsuits after the public portion of Tuesday’s meeting ended.
It’s unclear what’s next for the CAURD program, which legal observers have said might be unconstitutional.
Small-business advocates have unsuccessfully begged Gov. Kathy Hochul to recall the Legislature into a special session to specifically codify the CAURD program.
“I don’t believe CAURD’s going away,” said Dasheeda Dawson, the director of Cannabis NYC, whom Mayor Eric Adams appointed last October.
During Tuesday’s meeting, Dawson spoke out against the ROs and also had choice words for the other litigants.
“Without a shadow of a doubt, I stand here firmly to say, ‘No to RO,’” she said. “We know on the record what people are doing to block (New York’s rollout), and we cannot reward them.”
Senate Committee Chair Plans Marijuana Banking Vote Announcement In ‘Next Few Days’—
But ‘Outlying Issues’ Remain
Published 6 hours ago on September 12, 2023By Kyle Jaeger
Senate Banking Committee Chairman Sherrod Brown (D-OH) hopes to announce the scheduling of a marijuana banking bill vote in his panel “in the next few days,” with plans to hold the markup during the current work session that ends October 6. But he also acknowledged that there are still some “outlying issues” that need to be resolved among members.
While a committee spokesperson told Marijuana Moment on Monday that the vote would not be taking place next week as some cannabis industry observers have speculated, Brown says the actual markup date could be scheduled imminently as senators move toward the finish line in negotiations.
“We need to make sure we have enough votes. And I mean, there are still some differences some members still have,” the chairman told Punchbowl News on Monday night. “I’m not going to publicly talk about negotiating and what people are asking for or not. There are still some outlying issues—minor ones. But we hope to get people onboard and get a strong vote.”
It’s not clear by Brown’s remarks whether senators have addressed lingering disagreements over Section 10 of the Secure and Fair Enforcement (SAFE) Banking Act. That section, which concerns broad banking regulations, was flagged by certain Democrats as problematic, while Republicans such as the lead GOP sponsor Sen. Steve Daines (R-MT) have insisted on keeping it.
In any case, Brown separately told Politico last week that he intends to move the cannabis legislation during the current work session that ends early next month.
Advocates and industry stakeholders have been closely watching for any signs of movement on the SAFE Banking Act since members reconvened from their August recess. Plans to advance the bill during the summer session failed to materialize, but Brown, Daines and Senate Majority Leader Chuck Schumer (D-NY) have all signaled in recent days that members had a productive recess and are close to a deal.
Brown previously said that he’s aiming to pass the legislation within “six weeks.”
Schumer, for his part, said in a Dear Colleague letter this month that “safeguarding cannabis banking” is one of his top legislative priorities, though he stressed the need for bipartisan buy-in. He also said in a floor speech last week that he’s committed to “making progress on cannabis” during the fall session.
At this point, the SAFE Banking Act has 42 cosponsors—nearly half of the Senate—and that includes eight Republicans and three independents. As a standalone in its current form, insiders say the measure has enough Republican buy-in to reach the 60-vote threshold needed for passage in the Senate.
Brown and Daines sparred over next steps for the bill in the lead-up to the August recess. Brown has insisted that Daines needs to secure more GOP cosponsors, but Daines argued that Republicans are already prepared to move the legislation as previously agreed to through the floor.
Daines has also previously cautioned against attempting to expand the measure with social justice reforms that progressives would like to add, though his office has told Marijuana Moment that the senator is “open” to adding expungements language, as proposed by Schumer.
As its currently drafted, the SAFE Banking Act would protect banks and credit unions, as well as depository institutions, from being penalized by federal regulators for working with state-licensed cannabis businesses.
Others have also floated other changes that they’d like to see incorporated into the cannabis bill such as expanding protections to free up marijuana industry access to all forms of financial services, including representation on major U.S. stock exchanges.
That request has faced some criticism from other advocates who say that would be an inappropriate move to help businesses while efforts to legalize marijuana stall in Congress.
Sen. Jacky Rosen (D-NV) has also said that she wanted the SAFE Banking Act to pass with an amendment allowing cannabis businesses to access federal Small Business Administration (SBA) services.
In April, Schumer said that he was “disappointed” that a so-called SAFE Plus package of cannabis reform legislation didn’t advance last year, saying “we came close,” but “we ran into opposition in the last minute.” He said lawmakers will continue to “work in a bipartisan way” to get the job done.
Sen. Cory Booker (D-NJ) said that lawmakers are working to “resurrect” the cannabis reform package, acknowledging that failure to advance a banking fix for the industry “literally means that hundreds of businesses go out of business.
Rep. Earl Blumenauer (D-OR), who is a lead Democratic sponsor of the House version of the SAFE Banking Act, said at a press briefing in April that thinks it’s important that advocates and lawmakers align on any incremental proposals to end the drug war, warning against an “all-or-nothing” mentality.
The American Bankers Association (ABA) also recently renewed its call for the passage of the legislation. And all 50 of its state chapters did the same, as did insurance and union organizations, in recent letters to congressional leadership.
July also marked the 10-year anniversary since the introduction of the first version of what is now known as the SAFE Banking Act.
Colorado Gov. Jared Polis (D) separately said in a letter to President Joe Biden last week that he should throw his support behind the congressional push for marijuana banking reform as the Drug Enforcement Administration (DEA) begins its review of cannabis scheduling after receiving a rescheduling recommendation from the top federal health agency.
23M shares .0005's are History!!!
33M on the BID !!!!
Cannabis ETFs boom as HHS recommendation to ease restrictions raises hopes for federal reform
PUBLISHED TUE, SEP 12 20231:06 PM EDTUPDATED 59 MIN AGO
Stefan Sykes
KEY POINTS
Cannabis ETFs are soaring as investors warm up to the industry again.
Last month, the U.S. Department of Health and Human Services called on the Drug Enforcement Agency to ease restrictions by changing marijuana’s Schedule I classification to a Schedule III substance.
The uptick in the ETFs ends a dry spell for an industry that has been hemmed in by federal regulations.
An employee of Aurora Deutschland GmbH, a manufacturer of medical Cannabis products, inspects a flowering Cannabis plant in a greenhouse in Leuna, Germany September 11, 2023. REUTERS/Lisi Niesner
An employee of Aurora Deutschland GmbH, a manufacturer of medical Cannabis products, inspects a flowering Cannabis plant in a greenhouse in Leuna, Germany September 11, 2023.
Lisi Niesner | Reuters
Marijuana-related ETFs are soaring in September as investors flood back into the sector after months of waning interest.
The upswing in the funds, the most significant seen in recent years, stems from last month’s recommendation by the U.S. Department of Health and Human Services to ease restrictions on marijuana after a review of its classification under the Controlled Substances Act.
It marked a swift turnaround for a quasi-legal industry curtailed by the anemic pace of federal reform. The spike caps several quarters of slow growth, and even losses, for some funds.
ETFMG Alternative Harvest (MJ)
and AdvisorShares Pure US Cannabis (MSOS)
, in particular, are vastly outperforming the Dow Jones Industrial Average and the S&P 500 so far this quarter as of Tuesday afternoon. MJ and MSOS have soared about 47% and 56%, respectively. The Dow and S&P are both up marginally, by about 0.5%.
“This is effectively a continuation of what’s the most material element in how these stocks trade, which are federal catalysts,” said Canaccord Genuity analyst Matt Bottomley. “Velocity is so much higher on these federal headlines.”
Last month’s announcement also sent shares of several cannabis companies higher, including Canopy Growth, Tilray Brands and Cronos Group.
Marijuana equities have suffered in recent years, as many investors pulled away from the industry, leading to a capital crunch. Even as 39 states have legalized marijuana for recreational or medical use, the sector has struggled because the Schedule I classification and federal prohibition have limited access to financing and a broader market.
AdvisorShares, the largest cannabis fund manager, saw its Poseidon Dynamic Cannabis ETF shutter last month. The fund’s last day of trading was Aug. 25. On Sept. 1, it liquidated assets and paid out its shareholders.
At the time of the closure announcement, fund co-founder Morgan Paxhia told CNBC that it was not “immune to the broader macroeconomic environment and, more specifically, the dramatic shift in investor sentiment that has impacted the cannabis industry.”
Federal reform looms
The HHS recommendation, made at the direction of the Biden administration and addressed in a letter to the Drug Enforcement Agency, has signaled to stakeholders that more robust federal reform could be around the corner.
Potential changes include the Secure and Fair Enforcement Banking Act (SAFE), a congressional bill that will enable banks to provide services to legal marijuana businesses. Substances under the Controlled Substances Act present a risk for banking institutions while federal laws remain unchanged.
“Each time legislation like the Safe Banking Act has been presented, we’ve seen a corresponding uptick in investor interest,” said Sundie Seefried, the CEO of Safe Harbor Financial, a digital-first, commercial-banking institution. “This milestone could be a turning point, offering the much-needed stability in the regulatory environment that investors have long sought.”
SAFE Banking is making its way through Congress, with a Senate Banking Committee vote expected soon. Meanwhile, the DEA has initiated its review of marijuana’s classification and will send a proposal to the attorney general, who has the final say about whether to reclassify it.
Bottomley said it will become “more and more likely that institutional capital that otherwise wouldn’t be invested in the space starts entering the space,” as these processes play out, but whether the momentum continues “really depends on, are we going to hear next from the DEA in time?”
“If it goes radio silent into the fall, and then into January, I wouldn’t be surprised for the sector to go sideways,” Bottomley added.
PVSP could be looking at a $4-6 Million plus IRS Cash Refund!
The 280E regulations will no longer apply with rescheduling and Business Expenses can now be deducted from income for the first time in Cannabis history!!
Cash flow positive will be easy now!!!
PVSP Easiest money you will ever make!!!!!
The NUMBERS are just insane!
PVSP cannot continue to have a Market Cap of 1.7M dollars with revenue of over $15 MILLION and margins of 40%.
PVSP market capitalization should conservatively be at least $50 MILLION which puts the stock at 1 cents.
Just BUY'em, you can thank me later, LOL
LOL, Leafly up 1,795% today!!!! PVSP soon!!
Are we having any fun yet, got to love the Cannabis Sector action, PVSP Sooooon!!!!
This is just INSANE, 75%, 65%, 100% PVSP soon!!!!
This is in just one day, many are up over 150% in past week.
Every single large cannabis stock is on FIRE and many are large cap stocks just HUGE moves here as money is pouring into sector.
Funds are driving this movement, and eventually individual retail will jump into the PINK guys and we will move.
Lot of money will be made in the next few years in Cannabis sector, play it for the long term and you will be set for LIFE !!!!
How about all those Cannabis ETF that gave up! LOL
Several of them closed their funds several weeks ago, what a bunch of dopes, they folded right at the bottom and they couldn't tell the difference.
They missed 100% plus gains in a few days, LOL
Know what you own, they didn't.
Cannabis stocks BLOW OUT - 38%, 50%, 100%
PVSP has to move SOON, it will easily gatch up with the sectors gains which are now well over 100% in past few days.
It will happen, not an IF any longer, only a WHEN!!
Cannabis ETFs are off to a strong September. Will the buzz last?
PUBLISHED SAT, SEP 9 202310:00 AM EDT
"He explained that a potential reclassification of marijuana as a Schedule III substance would allow cannabis companies to write off business expenses, inevitably increasing cash flow and profitability."
Kevin Schmidt
@BIGNEWSKEV
Possible cannabis reclassification fuels fund optimismWATCH NOW
VIDEO04:07
Possible cannabis reclassification fuels fund optimism
While cannabis stocks have lit up following the Drug Enforcement Agency’s agreement to review its classification of marijuana last month, the move is also sparking momentum in the ETF space.
“We’ve seen most cannabis ETFs rally over 30% since the news broke last week on this recommendation,” Amplify ETFs CEO Christian Magoon told CNBC’s Courtney Reagan on “ETF Edge” on Wednesday.
The Amplify Seymour Cannabis ETF (CNBS)
is up more than 37% since Aug. 30, when the U.S. Department of Health and Human Services recommended easing marijuana restrictions. HHS advised the DEA to consider reclassifying cannabis as a Schedule III drug instead of a high-risk drug, putting it in the same category as testosterone and ketamine rather than being lumped in with heroin and LSD.
The news triggered a widespread rally among several cannabis funds. The Roundhill Cannabis ETF (WEED) has soared nearly 71% since the announcement, while the AdvisorShares Pure US Cannabis ETF (MSOS
) and AdvisorShares Pure Cannabis ETF (YOLO)
have jumped 64% and 45%, respectively.
“This is just an initial rally on the news,” Magoon said. “We think that there could be a lot more upside in the future for this very disruptive industry that’s based on a plant.”
He explained that a potential reclassification of marijuana as a Schedule III substance would allow cannabis companies to write off business expenses, inevitably increasing cash flow and profitability.
“It also means that it’s more likely that the SAFE Banking Act could be passed in Congress,” he continued, “which would give cannabis companies the ability to bank and participate in capital-formation activities that are more like traditional companies.”
Magoon explained that a federal reclassification would be transformative in the consumer packaged goods (CPG) space, advancing marijuana’s multibillion-dollar U.S. industry to broader investment and partnership opportunities.
“Cannabis can disrupt health, wellness, the traditional alcohol industry, even pharmaceuticals, he said. “Consumer packaged goods and pharmaceutical companies are going to be able to now look at these cannabis companies as M&A targets to partner with them.”
Beyond the benefits for cannabis companies, VettaFi Vice Chairman Tom Lydon believes that federal deregulation will be advantageous for the exchange-traded fund industry as a whole.
“The great thing about the ETF industry is there’s a lot of opportunity,” Lydon said in the same interview on Wednesday. “We’re going to have our ears to the ground to see if there are additional cannabis and ETF filings.”
Lydon pointed out that Amplify ETFs holds a great “first mover advantage” with its pair of cannabis-based funds. The firm recently acquired the ETFMG Alternative Harvest ETF (MJ)
, which has rallied more than 31% since HHS gave its guidance.
“I think we’re going to continue to see more assets flow into that space as it’s more widely accepted,” he said.
CNBC - Cannabis ETFs are catching fire in September
PUBLISHED FRI, SEP 8 20231:33 PM EDTUPDATED 2 HOURS AGO
Jesse Pound
@/IN/JESSE-POUND
Article after article on the Cannabis Run of 2023. From what I have read it looks like the Cannabis ETF exchange traded funds, have institutional money pouring into them as do the major cannabis big caps. The Options markets have been fueling a lot of the rise in large cap cannabis stocks with heavy call activity betting on rising prices in the future.
PVSP price and the company becomes more valuable with every up tic of the Cannabis sector, eventually we will get buyer interest again.