If there’s one thing that can get marijuana hopes moving, it’s the realization of hope of legalization or some sort of reform in the industry. Unfortunately, up until now, that’s all there has been — hope. But with a Democratic-controlled Senate and House, plus a president who is in favor of decriminalization, there’s reason to be optimistic that change could be coming sooner rather than later.
And that change could come in the form of the National Defense Authorization Act (NDAA). The bill has passed for 60 years in a row, and heading into the final month of the year, it’s a significant piece of legislation that is still outstanding that will likely be a key priority for lawmakers this month. It also includes a cannabis bill.
The cannabis banking bill is included in the NDAA
In September, the NDAA passed the House, and included in the bill was the Secure and Fair Enforcement (SAFE) Banking Act. If that sounds familiar, it’s because the SAFE bill has now passed the House five times but has failed to progress any further.
The NDAA is often referred to as being “must-pass” legislation and so the big question may not be if it passes but if in its final version, whether the SAFE Banking Act is still in there. If it is, that would be a huge win for Cannabis!
Why does SAFE Banking matter?
The SAFE Banking Act won’t legalize marijuana, nor would it even decriminalize it. But what it will do is make it easier for banks to work with the cannabis industry. Although it’s not impossible for cannabis companies to obtain bank accounts, it’s definitely not easy.
The companies that will benefit most will undoubtedly be the multistate operators, including Cresco Labs. In July, its CEO Charlie Bachtell told BNN Bloomberg that while some banking services are available, passing of the bill would enable what he refers to as “Big B banking” for the industry. “Big B banking is where you have access to capital, you have access to leverage, where you could get credit facilities that allow you to smooth out cash flow and really create scale in a way that you would think from a traditional industry can,” he said.
Cannabis Banking Bill is Included in the NDAA
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WASHINGTON, Nov. 15, 2021 – Today, the Cannabis Freedom Alliance (CFA) announced that it has endorsed the States Reform Act.
The Act strongly aligns with CFA’s vision of ending prohibition in a manner consistent with helping all Americans achieve their full potential and limiting the number of barriers that inhibit innovation and entrepreneurship in a free and open market. The States Reform Act is the truly principled vehicle for conservatives, libertarian, and all who value limited government to support cannabis reform.
Rep. Nancy Mace’s (R-SC)’s team in crafting this legislation and to lend it our future support. The Act creates a bill that keeps Americans and their children safe while ending the federal preemption of and interference with state cannabis laws
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Florida is a fully vertically integrated state, and this has had some pretty massive impact on the way the legal cannabis market has grown in the state.
Florida, long thought known to have a Medical marijuana policy which would make sense have instead, implemented a system in which all cannabis companies are their own grower, processor, and distribution channels under one corporate entity with zero allowance for cooperation or subcontracting outside of some very special cases of outside products being licensed for production with one of the currently licensed Medical Marijuana Treatment Centers (MMTC, Florida’s term for these vertical cannabis companies).
While the National Legalization undergoes it own legalization pains, we must look to states that have “moved the chains of aftermarket legalization”. In California, movement of cannabis products in the State and Subsequent Move to outlying areas are being utilized to help satisfy the recreational market. We in the USA who are interested, involved, curious and betting on the right way to proceed, need to take a step back and LOOK at The Bigger Picture.
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