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Is there a Canadian version of msos?
I think this is the first time I've seen you use the word "IF "their earnings are below expectations
The news says they are buying the shares at $3.2203. The current price is $2.20 Canadian
So why isn't the share price $3.22 Canadian currently, shouldn't it be?
Can someone please explain
, the Investor acquired 12,893,175 common shares of the Company at a price of C$3.2203 per share (the “Per Share Price
Based on the above paragraph why is the share price of organic gram not now $3.22?
I'm back in… Two years later
Didn't seem to have any effect on Canada legalizing cannabis. We also signed those same treaties
https://www.cbc.ca/amp/1.5400112
I wonder why they don't mention the retail Store name? It's like that in all the ads
Why such a big day today?
I disagree. As far as flower legal weed is competitive price point. But edibles the black market is significantly less expensive. I can either log on to the OCS Ontario cannabis Store and by legal gummy's eight dollars minimum for 10 mg. Or I can order them online from an illegal website $50 for 360 mg. As long as I'm allowed to I will order edibles from the black market and I'm sure many other people do
No what does it mean?
https://www.prnewswire.com/news-releases/canopy-growth-announces-us150-million-registered-direct-offering-301751637.html
SMITHS FALLS, ON, Feb. 21, 2023 /PRNewswire/ - Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (NASDAQ: CGC) announced today that it has entered into an agreement (the "Agreement") with an institutional investor (the "Institutional Investor") for the purchase and sale of up to US$150,000,000 aggregate principal amount of senior unsecured convertible debentures (the "Convertible Debentures").
Pursuant to the terms of the Agreement, the Institutional Investor purchased an initial US$100,000,000 of the Convertible Debentures and an additional US$50,000,000 of the Convertible Debentures will be purchased in the event that certain conditions outlined in the Indenture (as defined below) are satisfied or waived. As further described below, no cash will be payable by Canopy Growth in any circumstances in respect of principal, interest or any other amounts owing pursuant to the terms of the Convertible Debentures.
"Canopy Growth is executing a strategy focused on accelerating growth and profitability by transforming our Canadian operations and fast-tracking entry into the U.S. market," said Judy Hong, Chief Financial Officer of Canopy Growth. "Building on other recent actions taken to enhance cash flow, this attractive capital immediately adds to Canopy Growth's cash on hand and provides additional flexibility to continue advancing strategic priorities".
The Convertible Debentures were purchased pursuant to a registration statement on Form S-3ASR with the United States Securities and Exchange Commission with respect to the offer and sale of the Convertible Debentures and the common shares of the Company (the "Common Shares") underlying the Convertible Debentures. The Convertible Debentures were sold at US$1,000 per Convertible Debenture and bear interest at a rate of 5.0% per annum, payable in Common Shares at the earlier of (i) the time of conversion of the Convertible Debentures; or (ii) February 28, 2028 (the "Maturity Date"). No cash payment will be payable by Canopy Growth in any circumstances in respect of principal, interest or any other amounts owing pursuant to the terms of the indenture dated February 21, 2023 between the Company and Computershare Trust Company of Canada (the "Indenture"), as trustee, governing the Convertible Debentures. The Convertible Debentures are convertible into Common Shares at the option of the Institutional Investor at a conversion price equal to 92.5% of the three-day volume-weighted average price of the Common Shares ending on the trading day prior to conversion. On the Maturity Date, the principal amount of the Convertible Debentures, including any accrued but unpaid interest, will also be paid in Common Shares.
The Company intends to use the proceeds from the offering for working capital and general corporate purposes.
Additionally, the Company does not plan to list the Convertible Debentures on the NASDAQ, or any other securities exchange or other trading system.
ATB Capital Markets Inc. acted as sole placement agent in connection with this offering.
What I think they should do
Is not collect any tax for the first three years to allow companies to get their shit together and help eliminate the black market. Give a little bit up today to get a whole lot more tax down the road
How do you think those shorters feel today?
How do you explain this… Up 10+ percent?
Anyone smart enough to explain this deal to me? What does it all mean?
https://www.canopygrowth.com/investors/news-releases/jamarr-chase-signs-with-biosteel-expanding-the-brands-elite-athlete-roster/?fbclid=IwAR0WXYVtkuYwIdJq7S9pbzBpIQ98z2o8hPDhnuHhWeaRmKteeE0svtvx67A
Ja’Marr Chase Signs with BioSteel, Expanding the Brand’s Elite Athlete Roster
Sep. 8, 2022
Press Releases
Top offensive rookie joins #TeamBioSteel athletes who prioritize Clean. Healthy. Hydration.™
New York, NY – September 8, 2022 – BioSteel Sports Nutrition Inc. (“BioSteel”) today announced the latest addition to #TeamBioSteel with the signing of Ja’Marr Chase, one of the league’s top wide receivers. Chase is an authentic fan of BioSteel and believes in the importance of clean hydration, both at home and when he is out on the field. He will be promoting BioSteel through social media, trade marketing, events, including in the Cincinnati area, and more.
Chase joins fellow football stars and #TeamBioSteel athletes Patrick Mahomes, Ezekiel Elliott and Jalen Ramsey in supporting their game with the zero-sugar hydration leader and in elevating the brand’s mission of delivering premium hydration to athletes, fans and sports communities around the world.
“Staying healthy and hydrated is key to ensuring this season is even better than the last, and BioSteel products are an essential part of my hydration routine, especially on game day,” said Chase. “Heading into my second season, I’m excited to officially join #TeamBioSteel and introduce my community to their zero-sugar products.”
“Ja’Marr had a remarkable rookie year, and the fact that he hydrates with BioSteel and is always looking to take his game to the next level makes him a strong, authentic partner for us,” said John Celenza, Co-Founder of BioSteel. “We’re thrilled to welcome him to #TeamBioSteel as we continue to grow our elite athlete roster and introduce new fans and communities to our lineup of hydration products.”
Founded in 2009 by Celenza and business partner and NHL veteran Michael Cammalleri, BioSteel has achieved a reputation for being the hydration product of choice for athletes and consumers. The brand is committed to using premium ingredients, maintaining product transparency, and delivering essential nutrients to support physical activity. Each electrolyte-packed sports drink comes in an eco-friendly 16.7 fl oz Tetra Pak, and the range of flavors includes Blue Raspberry, Mixed Berry, Peach Mango, Rainbow Twist and White Freeze to keep consumers hydrated throughout the day.
BioSteel products are available across North America and globally with select retail partners or direct to consumers online through www.biosteel.com.
https://mailchi.mp/d76f0d98bc57/burcon-jv-merit-functional-foods-achieves-significant-innovation-in-a-100-protein-based-solution-to-replace-methylcellulose-in-meat-alternatives?e=06281d28c3
Vancouver, British Columbia, July 28, 2022 -- Burcon NutraScience Corporation (“Burcon” or the “Company”) (TSX: BU) (NASDAQ: BRCN), a global technology leader in the development of plant-based proteins for foods and beverages, is pleased to announce that its joint venture company, Merit Functional Foods Corporation (“Merit”) has developed an innovation utilizing its non-GMO Peazazz® pea protein as part of a 100% protein-based clean label solution to replace methylcellulose, a synthetic ingredient widely used in food and meat alternative applications.
"We are very pleased with Merit’s latest innovative protein-based solution that has the potential to disrupt a $1.96 billion methylcellulose market. The food industry has long been searching for a suitable methylcellulose replacement. Peazazz®, derived from Burcon’s proprietary technology, has superior functionality and high purity that provide unique opportunities within the food and beverage industries,” said Peter H. Kappel, Burcon's interim CEO and Chairman of the board, adding “In particular, it is rewarding to see substantial, value-driven applications such as a methylcellulose-free solution launching in the commercial marketplace.”
Merit achieved an innovative new solution in utilizing its Peazazz® pea protein to replace a synthetic ingredient. When used as part of Merit’s methylcellulose-free solution, its non-GMO Peazazz® pea protein affords plant-based formulators a clean label option, while also contributing to the total protein content with the potential to add several grams of protein per serving depending on the product. Additionally, the Peazazz® based methylcellulose-free solution provides key sensory and functionality attributes that assist in creating superior plant-based products for Merit’s customers. These include a neutral-flavor profile, meat-like texture, good water binding & emulsification properties, and exceptional gelling properties. Merit’s unique protein-based solution is expected to be suitable for replacing methylcellulose in applications such as plant-based burgers, hot dogs, sausages and more.
“We are motivated by the potential this innovation has uncovered for formulators,” Merit’s Co-CEO Ryan Bracken said. “We’ve heard from our customers the challenges of removing methylcellulose and now Merit is able to provide them an opportunity to finally eliminate it from their products with our functional pea protein - Peazazz. And beyond this, there’s an added benefit of enhanced protein claims and a delicious sensory profile that’s on par with traditional products.”
Merit is currently collaborating with brands looking to develop the next generation of clean label plant-based meat applications. For more information on Merit’s clean label applications, please visit Merit’s website here.
I totally disagree... I think your 5% of the population
Maybe for you but I find 5 mg perfect…
Canopy Growth to exchange C$255.4M in notes for shares and a bit of cash
SMITHS FALLS, Ont. — Canopy Growth Corp. has signed a deal to exchange C$255.4 million of its debt for shares and a little bit of cash.
Under the agreement with a limited number of noteholders, the cannabis company will acquire the 4.25 per cent unsecured convertible senior notes due in 2023 for about C$252.8 million in shares plus approximately C$3 million in cash for accrued and unpaid interest.
The price used to value the shares will be the volume-weighted average trading price on the Nasdaq Global Select Market for the 10 consecutive trading days beginning Thursday, subject to a floor price of US$2.50 and a maximum of US$3.50 per share.
Constellation Brands Inc., through its wholly-owned subsidiary Greenstar Canada Investment Limited Partnership, has agreed to swap half of the C$200 million in notes it holds under the deal.
The company, which is already Canopy's largest shareholder, will receive a minimum of 21.9 million Canopy shares based on the floor price and a maximum of 30.7 million shares.
Constellation currently holds nearly 142.3 million Canopy shares, representing a 35.3 per cent stake in the company.,
Canopy Growth Celebrates Smmer with New 'Just Hits Different' Beverage Campaign
NEWS PROVIDED BY
Canopy Growth Corporation
Jun 30, 2022, 09:00 ET
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Leading global cannabis company continues to expand beverage portfolio with exciting new products
SMITHS FALLS, ON, June 30, 2022 /CNW/ - Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (NASDAQ: CGC), a world-leading diversified cannabis, hemp, and cannabis device company, today announced the continued expansion of its cannabis beverage portfolio and a brand campaign that drives awareness of its wide range of cannabis beverages just in time for the summer season. Boasting the category's fastest growing brands,1 Canopy Growth continues to show its leadership in beverages and ongoing commitment to meeting customer demand.
Tweed Fizz Mango (CNW Group/Canopy Growth Corporation)
Tweed Fizz Mango (CNW Group/Canopy Growth Corporation)
Tweed Iced Tea Lemon (CNW Group/Canopy Growth Corporation)
Tweed Iced Tea Lemon (CNW Group/Canopy Growth Corporation)
Deep Space Limon Splashdown (CNW Group/Canopy Growth Corporation)
Deep Space Limon Splashdown (CNW Group/Canopy Growth Corporation)
Vert Solstice (CNW Group/Canopy Growth Corporation)
Vert Solstice (CNW Group/Canopy Growth Corporation)
Vert Éclipse (CNW Group/Canopy Growth Corporation)
Vert Éclipse (CNW Group/Canopy Growth Corporation)
Deep Space Ginger Ale Galaxy (CNW Group/Canopy Growth Corporation)
Deep Space Ginger Ale Galaxy (CNW Group/Canopy Growth Corporation)
Tweed Fizz Mango (CNW Group/Canopy Growth Corporation)Tweed Iced Tea Lemon (CNW Group/Canopy Growth Corporation)Deep Space Limon Splashdown (CNW Group/Canopy Growth Corporation)Vert Solstice (CNW Group/Canopy Growth Corporation)Vert Éclipse (CNW Group/Canopy Growth Corporation)Deep Space Ginger Ale Galaxy (CNW Group/Canopy Growth Corporation)
The Company showcases its diverse portfolio of cannabis beverages in its new Just Hits Different brand campaign which offers adult consumers a new way to enjoy familiar experiences, and a different type of drink to consume during special summer occasions like long weekends. The campaign comes to life across digital and social channels and aims to drive traffic, create awareness, and convert sales in store.
The campaign also features an interactive and educational flavour sampling program, the biggest the category has ever seen. Consumers can visit one of more than 1,400 Canadian cannabis retail locations to try a non-active flavour sample of products like Tweed Fizz Mango, Tweed Iced Tea Lemon, Deep Space Limon Splashdown, and Quatreau Passionfruit & Guava. The pop-up sampling events give consumers an opportunity to learn about the products, engage with brand ambassadors, and experience the flavours before adding them to their shopping cart.
When consumers arrive in store, they will see a bigger-than-ever range of flavour-forward cannabis beverages from brands like Tweed, a 5 mg THC segment leader, and Deep Space, a high potency 10mg THC brand known for its bold, nostalgic flavours with a unique twist. Familiar favourites from Quatreau and Ace Valley, plus new offerings from Vert, round out the summer line-up, giving consumers a wide variety of options.
To make room for its new offerings and increased distribution, 785 fridges have been added in retail locations across the country, quadrupling their fridge footprint and further emphasizing the breadth and depth of their beverage portfolio.
"Our insights tell us that taste and seasonality play a key role in consumer choice, which is why we're excited to offer a range of new and familiar flavours for the summer," said Tara Rozalowsky, Vice President, Brand Marketing at Canopy Growth. "Our sampling events give consumers a chance to try our great-tasting beverage flavours, so when they're ready to add a beverage to their basket and experience cannabis in a whole new way, they know what our brands have to offer."
In addition to the recently announced Deep Space Orange Orbit and The Grape Unknown and range of Tweed Fizz and cannabis iced tea beverages, consumers will be able to enjoy three new beverage offerings debuting this summer:
Deep Space Ginger Ale Galaxy: Small, potent and ready-to-go, this infused carbonated beverage inspired by one of the top five carbonated drink flavours,2 offers the gingery bite of a classic ginger ale, but with a unique twist of lemongrass. It's fueled by 10 mg of THC and comes in a 222 ml sleek can.
Vert Solstice (Quebec only): Offered in a 222 ml can, this sparkling citrus and ginseng flavoured drink contains 5 mg of CBD and 2.5 mg of THC.
Vert Éclipse (Quebec only): Offered in a 222 ml can, this sparkling blackberry and lavender flavoured drink contains 10 mg of CBD and 2 mg of THC.
Canopy Growth's beverage offerings are available for purchase via legal recreational cannabis retail locations and e-commerce channels, with select products available in certain regions and for a limited time only.https://www.newswire.ca/news-releases/canopy-growth-celebrates-summer-with-new-just-hits-different-beverage-campaign-827383950.html
wtf... What happen today
https://www.canopygrowth.com/investors/news-releases/canopy-growth-announces-plan-to-acquire-jetty-extracts/?mc_cid=d9572fdc11&mc_eid=ae8559ca5b
Canopy Growth Announces Plan to Acquire Jetty Extracts
MAY. 18, 2022 By COMMUNICATIONS
Broadens Canopy Growth’s Portfolio of Premium Brands with Significant Opportunities to Scale Across North America
SMITHS FALLS, ONTARIO and OAKLAND, CALIFORNIA (May 18, 2022) – Canopy Growth Corporation (“Canopy Growth” or “the Company”) (TSX: WEED) (NASDAQ: CGC) and Lemurian, Inc. (“Jetty”), a California-based producer of high-quality cannabis extracts and pioneer of clean vape technology, announced today that they have entered into definitive agreements (the “Agreements”) providing Canopy Growth, by way of a wholly-owned subsidiary (“Canopy Sub”), the right to acquire, upon federal permissibility of THC in the U.S. or earlier at Canopy Growth’s election, up to 100% of the outstanding capital stock of Jetty.
Founded in 2013, Jetty is a top 10 cannabis brand in California[1], and a top 5 brand in the Vape Category[2]. Backed by award-winning technology, Jetty has paved the way for the most authentic and natural vape experience available to consumers. As a leader in solventless vape and a pioneer of extraction-related intellectual property (IP), Jetty has achieved strong growth over the past two years while generating positive EBITDA amidst the highly competitive California cannabis market.
These Agreements present Jetty with potential opportunities to collaborate across Canopy’s robust U.S. THC ecosystem, which already includes the right to acquire both Acreage Holdings, Inc. and Wana Brands, as well as a significant conditional ownership interest in TerrAscend Corp. The two companies are also exploring avenues through which Jetty could bring the brand and its innovative product line up to the Canadian recreational market to fully realize the North American, cross-border potential of Jetty’s industry leading IP.
Strategic Benefits
Further Accelerates the Growth of the Company’s U.S. THC Ecosystem: Through these Agreements, Canopy Growth continues to develop its robust U.S. ecosystem by adding an established cannabis brand that is the market share leader in solventless vapes, holding more than 75% share of the rapidly expanding California market[3] with monthly sales growing by over 45% from February to March 2022[4]. This strategic investment is aligned with Canopy Growth’s U.S. THC strategy and will help position the Company to unlock the full potential of the U.S. market upon exercise of the options granted under the Agreements.
Extraction Technology: Jetty has developed industry-leading capabilities in extraction and clean vape technology. As one of the first brands to bring to market a vape free of fillers and cutting agents, Jetty has built on that legacy with the 2021 launch of its solventless vape and concentrate collection, made from just ice, water, heat, and pressure. Their products have received critical acclaim winning Best Vape at the 2021 Cannabis Cup, in addition to consumer success with the top eight solventless vape SKUs in California1 and the #1 PAX® Era® pods brand three years in a row[5].
Establishes a foothold in the Largest U.S. THC Market: Jetty is a beloved California brand and upon exercise of the options granted under the Agreements, would give Canopy Growth a critical position in the largest and most historically significant THC market in the U.S. Jetty’s established presence as the fifth largest vape brand in the California market is supported by nine years of operations and serving cannabis consumers with unrefined live resin, high THC distillate vapes, infused pre-rolled joints and solventless vape products.
“Canopy Growth is building a house of premium cannabis brands with a focus on the core growth categories that will power the market’s path forward, now including Jetty – a pioneer of solventless vapes,” said David Klein, CEO, Canopy Growth. “There are significant opportunities for Jetty to scale at the state-level across the U.S. by leveraging Canopy’s U.S. ecosystem, and we’re actively working on plans to bring the brand to the Canadian recreational market.”
“Jetty has put the consumer at the heart of our focus since the outset, and we’re proud to have pioneered the cleanest vape technology on the market. This agreement between Canopy Growth and Jetty is mutually beneficial and provides long-term growth opportunities for our employees and our brand. Canopy shares our vision and will support us as we bring the highest-quality Jetty products to consumers across North America and the world. We can’t wait to be a part of what Canopy is building as we continue to define the future of cannabis and introduce more consumers to what makes Jetty products so special,” said Ron Gershoni, Co-Founder and CEO, Jetty. “Along with founding members Nate Ferguson and Rob Ferguson, we look forward to continuing to lead our team at Jetty and working alongside the team at Canopy to further expand our brand.”
Transaction Details
The Agreements are structured as two separate option agreements whereby Canopy Growth has a call option to acquire up to 100% of the equity interests in Jetty.
Under the Agreements, Canopy Growth will make aggregate upfront payments in the amount of approximately USD$69 million payable through a combination of cash and Canopy Growth common shares, a majority of which will be Canopy Growth common shares, in exchange for approximately 75% of the equity interests in Jetty, subject to certain adjustments.
Upon exercise of the rights to acquire up to 100% of the equity interests in Jetty covered by the first option agreement, Canopy Growth will make an additional payment pursuant to the terms of the Agreements, also to be satisfied through a combination of cash and Canopy Growth common shares.
Until such time as Canopy Sub elects to exercise its rights to acquire Jetty, Canopy Growth and Canopy Sub will have no direct or indirect economic or voting interests in Jetty, Canopy Growth and Canopy Sub will not directly or indirectly control Jetty, and Canopy Growth and Canopy Sub, on the one hand, and Jetty, on the other hand, will continue to operate independently of one another.
Counsel
Paul Hastings LLP is acting as U.S. legal counsel to Canopy Growth. Cassels Brock & Blackwell LLP is acting as Canadian legal counsel to Canopy Growth. Raines Feldman LLP is acting as legal counsel to Jetty.
About Canopy Growth
Canopy Growth (TSX:WEED, NASDAQ:CGC) is a world-leading diversified cannabis and cannabinoid-based consumer product company, driven by a passion to improve lives, end prohibition, and strengthen communities by unleashing the full potential of cannabis. Leveraging consumer insights and innovation, we offer product varieties in high-quality dried flower, oil, softgel capsule, infused beverage, edible, and topical formats, as well as vaporizer devices by Canopy Growth and industry-leader Storz & Bickel. Our global medical brand, Spectrum Therapeutics, sells a range of full-spectrum products using its colour-coded classification system and is a market leader in both Canada and Germany. Through our award-winning Tweed and Tokyo Smoke banners, we reach our adult-use consumers and have built a loyal following by focusing on top quality products and meaningful customer relationships. Canopy Growth has entered into the health and wellness consumer space in key markets including Canada, the United States, and Europe through BioSteel sports nutrition, and This Works skin and sleep solutions; and has introduced additional hemp derived CBD products to the United States through our First & Free and Martha Stewart CBD brands. Canopy Growth has an established partnership with Fortune 500 alcohol leader Constellation Brands. For more information visit www.canopygrowth.com.
About Jetty Extracts
Founded in 2013, Jetty is one of the true originals in the California cannabis market. Jetty began its operations in San Diego with a focus on craft and innovation while applying a strict adherence to compliance, fiscal responsibility, environmental concerns, and community commitment (with a little time for some surfing in between). Today, Jetty’s 65-plus employees work at the company’s 14,000 sq. ft. Oakland headquarters and various other locations throughout California. The company continues to focus on its state-of-the-art production facility, utilizing the latest technology to create industry-leading extracts including award-winning Solventless Vape, Live Resin Vape, and other products. Jetty also founded and operates The Shelter Project, a need-based program that has provided over $1 million worth of free cannabis products to cancer patients. To learn more about Jetty subscribe to our newsletter at JettyExtracts.com.
More Information
Canopy Growth Media Contact:
Jennifer White
Communications
https://financialpost.com/globe-newswire/else-nutrition-to-report-first-quarter-2022-financial-results-on-may-16-2022
Else Nutrition to Report First Quarter 2022 Financial Results on May 16, 2022
GlobeNewswire
May 10, 2022 • 1 day ago • 3 minute read • Join the conversation
Conference call to be conducted on May 16, 2022 at 11 a.m. ET
VANCOUVER, British Columbia, May 10, 2022 (GLOBE NEWSWIRE) — ELSE NUTRITION HOLDINGS INC
(BABY) (BABYF) (0YL.F) (“Else” or the “Company”) the Plant-Based baby, toddler and children nutrition company, announced today that it expects to report first quarter 2022 financial results for the period ending March 31, 2022 on May 16, 2022. The Company has scheduled a conference call on Monday May 16, at 11:00 a.m. ET, to discuss the results.
Story continues below
Interested parties can access the conference call via Internet webcast, which is available in the Investors section of the Company’s website at https://elsenutrition.com/pages/investor-relations or at https://app.webinar.net/WEmKaEqaJy3
Interested parties who would like to submit a question to be addressed on the call should email the question to shamsian@lythampartners.com.
A webcast replay will be available in the Investors section of the Company’s website at https://elsenutrition.com/pages/investor-relations or via https://app.webinar.net/WEmKaEqaJy3.
https://www.marijuanamoment.net/bankers-associations-from-all-50-states-push-senate-to-pass-marijuana-banking-reform-as-part-of-large-scale-bill/
Bankers Associations From All 50 States Push Senate To Pass Marijuana Banking Reform As Part Of Large-Scale Bill
By Kyle Jaeger April 28, 2022
Banking associations representing all 50 states and one U.S. territory sent a letter to Senate leaders on Thursday, imploring them to include marijuana banking reform in a large-scale manufacturing bill that’s heading to bicameral conference.
The American Bankers Association (ABA) and the state associations said that the Secure and Fair Enforcement (SAFE) Banking Act is an “urgently needed, and widely supported, bipartisan legislative solution to allow banks to handle the proceeds from state-licensed cannabis businesses and the accountants, skilled trades, landlords, law firms, and other service providers they rely upon for legal operations.”
The House included the reform in its version of the America COMPETES Act, marking the sixth time that the chamber has advanced the legislation, but the provision was stripped in the Senate.
Now advocates and stakeholders are stepping up their push to get the language attached to the final package, and key lawmakers in both chambers have signaled that they would be working to achieve that.
The banking groups wrote that the current lack of banking access for cannabis businesses means that the “industry is operating primarily in cash, which causes significant public safety concerns and undermines the ability of cannabis regulators, tax collectors, law enforcement and national security organizations to monitor the industry effectively.”
“The SAFE Banking Act is a narrowly tailored solution designed to bring this growing industry into the regulated banking system and provide much-needed visibility into its financial activity,” the letter says, adding that the measure would promote transparency and improve tax collection.
“The inability of the state-licensed cannabis industry to access safe and regulated financial services is a pressing concern for so many of our nation’s communities and the banks that serve them. With state-licensed cannabis businesses currently operating in 37 states and more states weighing legalization, we urge you to include the SAFE Banking Act in the compromise version of the COMPETES Act to address these critical issues as quickly as possible.”
Rep. Earl Blumenauer (D-OR), a longstanding champion for cannabis reform who was appointed to serve as a conferee on the America COMPETES Act, sent a separate letter on the issue to House and Senate leadership this week alongside alongside SAFE Banking sponsor Rep. Ed Perlmutter (D-CO).
At a recent event hosted by ABA, Perlmutter said that he will “continue to be a real pest, and persistent in getting this done” before he leaves Congress.
Ahead of that event, the financial group released a poll that it commissioned showing that a strong majority of Americans support freeing up banks to work with marijuana businesses without facing federal penalties.
Meanwhile, some are holding out hope that conferees will work to get the banking reform proposal back into the America COMPETES Act.
Sen. Patty Murray (D-WA), a conferee and the third-highest-ranking Senate Democrat, recently visited a credit union for an event where she reiterated her support for passing the bipartisan cannabis banking reform bill and explained how she’ll fight to get the policy change enacted sooner rather than later.
House Financial Services Committee Chairwoman Maxine Waters (D-CA), another conferee, also listed the SAFE Banking Act as a legislative priority as negotiations are set to begin.
Part of the urgency behind advancing this reform is a recent surge in crime targeting cash-intensive marijuana businesses in legal states.
With burglaries and robberies on the rise at licensed cannabis retailers, Washington Gov. Jay Inslee (D) and other officials have convened a meeting with marijuana stakeholders and financial institutions to “discuss cash-less options for store operations,” the state Liquor and Cannabis Board (LCB) said in a notice last week.
Inslee, State Treasurer Mike Pellicciotti and others will separately be sending a letter to Congress to reiterate their call for a federal fix to the state-federal policy conflict on cannabis banking issues, LCB said.
Washington State officials also recently held a virtual roundtable to address the spate of deadly robberies targeting marijuana retailers, with regulators reiterating their call for a federal policy change and discussing steps the state can take on its own while Congress fails to act.
The reluctance from the Senate to pass the SAFE Banking Act prior to enacting comprehensive legalization was also the subject of a letter from Perlmutter that was sent to Senate leadership last week.
Adding pressure to pass the marijuana banking bill as part of America COMPETES is the fact that Senate Majority Leader Chuck Schumer (D-NY) recently said that the timeline for the introduction of his legalization bill has been pushed back, despite saying previously that it would be formally filed this month.
As Congress continues to stall on marijuana banking reform, more state officials and lawmakers are taking steps on their own to resolve the issue, especially in light of the targeted crime surge.
Pellicciotti, Washington State’s treasurer, has also been especially vocal about the need for congressional reform, and he wrote in a recent letter to his colleagues in other states that it’s “just not safe to have this financial volume in cash.”
He made similar remarks at a recent conference of the National Association of State Treasurers (NAST). And Colorado Treasurer Dave Young echoed that sentiment in a recent interview with Marijuana Moment.
The Pennsylvania Senate separately approved a bill this month to safeguard banks and insurers against being penalized by state regulators for working with state-legal medical marijuana businesses.
Perlmutter, for his part, has even made a point to talk about enacting the reform legislation during committee hearings on ostensibly unrelated or wider-ranging legislation, like at a recent House Rules Committee hearing.
Despite recently saying that he’s “confident” that the Senate will take up his bill this session, the congressman recognized that while he’s supportive of revisions related to criminal justice reform, taxation, research and other issues, he knows that “as we expand this thing, then we start losing votes, particularly Republican votes and we got enough votes in the Senate to do it” as is.
Meanwhile, the number of banks that report working with marijuana businesses ticked up again near the end of 2021, according to recently released federal data.
It’s not clear if the increase is related to congressional moves to pass a bipartisan cannabis banking reform bill, but the figures from the Financial Crimes Enforcement Network (FinCEN) signal that financial institutions continue to feel more comfortable servicing businesses in state-legal markets.
Some Republicans are scratching their heads about how Democrats have so far failed to pass the modest banking reform with majorities in both chambers and control of the White House, too. For example, Rep. Rand Paul (R-KY) criticized his Democratic colleagues over the issue in December.
Well said.... American politics at its worst
I believe you're getting carried away… if they vote yes that is only one small step forward, and a step they've already taken in the past… it would still have to pass the Senate and Joe Biden would have to sign off
Order #2007586