As the cannabis industry holds its breath while waiting to hear if marijuana banking reform will be part of a must-pass omnibus spending bill, James Hagedorn, a CEO of the lawn care giant Scotts Miracle-Gro (NYSE: SMG) shared
his thoughts on the importance of this bill.
Scotts Miracle-Gro’s 2014 development of subsidiary Hawthorne Gardening Company “to meet the demands of hydroponic (cannabis) was considered one of the first large investments by a major U.S. corporation in the marijuana space. Nevertheless, Hagedorn wants to see the SAFE Banking Act passed for more than merely personal reasons.
It’s Not About Legal Pot
In an exclusive interview with Fox Business, Hagedorn pointed out that the idea behind the banking legislation is not to make pot legal but to allow businesses that represent the legal cannabis market to use banks, instead of having cash everywhere.
“It’s very dangerous. It’s inefficient. It’s really dysfunctional for the banking industry, not to be able to take this money in, allow people to deposit in, make capital investments in illegal businesses,” Hagedorn said.
The interview came on the heels of Senate Minority Leader Mitch McConnell calling the banking bill a “poison pill.”
It looks like the SAFE Act needs the support of both McConnell, and Senate Majority Leader Chuck Schumer, the reporter said and asked Hagedorn what he’d say to them if they were listening.
“Well, first of all, I think there are 60 votes to get this out of the Senate. It’s been passed multiple times on a bipartisan basis in the House with a lot of Republican support, and there are some really good people out there. The co-sponsor on the Republican side in the Senate is a guy named Steve Daines. He’s a really good Republican. I’m a Republican, out of Montana, and what he told me is – ‘Jim, I’m not in favor of marijuana,” Hagedorn said. “What I’m not in favor of is dysfunction and banking. In my state, by voter initiative, they made it legal. And if it’s going to be legal, my citizens should be able to bank.’”
Hagedorn continued. “This is not about pot. This is about dysfunction in banking, people today have to pay taxes on legal businesses with duffel bags of cash and counting machines like Scarface. It’s not the way it’s supposed to be in America. There are almost a half million people that are employed in this space. Americans that vote. They have problems getting mortgages this way. These are all people who are working in legal industries. This is dysfunctional and bad, and all the Senate has to do is allow legal businesses legal access to banking. “
Ifs the bill passes during the lame-duck session, Hagedorn says he doesn’t believe that big financial names like JP Morgan Chase (NYSE: JPM) and Fifth Third (NASDAQ: FITB), are going to embrace the industry in the same instant because there’s “a lot of sensitivity about compliance.”
While many believe the SAFE Act is a small step in much-needed marijuana reform, Hagedorn agreed with Senator Danes that it is indeed a big step forward in rationalizing banking for legal businesses.
“Let’s remember one thing when you have a lot of cash, it brings crime. There are people killed every day, where they have a lot of cash lying around. And people have to take this money in cash.”
Price Action
Scotts Miracle Grow shares were trading 0.39% higher at $48.50 per share during Monday’s pre-market session.
UPDATE ON OMNIBUS SPENDING BILL
Marijuana advocates were given a massive setback after the Senate did not include a provision to remove federal restrictions on cannabis businesses from receiving banking services in the $1.7 trillion omnibus spending bill.
The provision, which would have been modeled after the House’s SAFE Banking Act, was excluded from the Senate’s spending bill, likely thanks to Senate Minority Leader Mitch McConnell (R-KY), who has been a fierce opponent of the legislation.
The CEO of the U.S. Cannabis Council, a pro-marijuana group, said of the provision’s exclusion, “To say that we are disappointed is an understatement.”
US Cannabis Council Names Cannabis Veteran Khadijah Tribble as CEO
August 19, 2022
WASHINGTON–Today, the US Cannabis Council (USCC) named Khadijah Tribble, a leading figure in the cannabis reform movement and expert on equity and inclusion, as the organization’s CEO. Tribble succeeds Steven Hawkins, who led USCC since its founding in February 2021.
“We thank Steven Hawkins for his integral role in launching USCC, and we are thrilled to welcome Khadijah Tribble’s to the role of CEO at this critical juncture for the cannabis industry,” said Jessica Billingsley, chair of USCC and CEO of Akerna. “She is deeply respected for her leadership, expertise and wide-ranging experience and is well-positioned to advance our mission of ending prohibition and creating an equitable, values-based industry.”
Tribble serves as Senior Vice President of Corporate Social Responsibility at USCC member company Curaleaf, a role she will continue in during her interim term as CEO. She previously founded Marijuana Matters, a cannabis education and advocacy incubator, and served as CEO of the Marijuana Policy Trust, which helps develop and run DEI programs in the cannabis industry. Tribble, who has advocated for fair and equitable policies on behalf of marginalized communities throughout her career, also serves on USCC’s DEI Task Force. She holds a master’s degree from Harvard University’s John F. Kennedy School of Government.
“The US Cannabis Council unites my deep commitment to cannabis legalization with my passion for addressing the harms of prohibition,” said Tribble. “My priority is advancing meaningful cannabis reforms through Congress this year that will provide the foundation for achieving our ultimate goal of federal descheduling while fostering an equitable and inclusive legal cannabis industry.”
Since launching last year, USCC has established itself as the leading voice for cannabis reform in Washington, DC. The organization has brought cannabis industry CEOs to meet with lawmakers in Congress, partnered with the sponsors of leading cannabis bills to advance reform and launched a campaign to advance passage of the SAFE Banking Act. Earlier this year, USCC launched its DEI Task Force with leaders in law, business and civil rights and partnered with the Congressional Black Caucus Foundation to create an internship program for Black college students and recent graduates at leading cannabis companies and organizations.
US Cannabis Council Names Cannabis Veteran Khadijah Tribble as CEO (uscc.org)
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the idea behind the banking legislation is not to make pot legal but to allow businesses that represent the legal cannabis market to use banks, instead of having cash everywhere
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