Landmark marijuana financing bill set to move forward in the Senate

[Credence]

This is a good thing ...

Landmark marijuana financing bill set to move forward in the Senate

Published Wed, Sep 27 2023 7:00 AM EDT

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.

Landmark marijuana financing bill clears big hurdle in the Senate

The Secure and Fair Enforcement Regulation Banking Act advanced out of a Senate committee.

www.cnbc.com

 

[SNOWFLAKE]

Maybe in 150 years the US will catch up to Canada.

 

[beefheart]

This is a good thing ...

Landmark marijuana financing bill set to move forward in the Senate

Published Wed, Sep 27 2023 7:00 AM EDT

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.

Landmark marijuana financing bill clears big hurdle in the Senate

The Secure and Fair Enforcement Regulation Banking Act advanced out of a Senate committee.

www.cnbc.com

Its about damned time. Some dispensaries will let you pay with debit, but most are on a cash only basis.

 

[Grizzly Adams]

This is a good thing ...

Landmark marijuana financing bill set to move forward in the Senate

Published Wed, Sep 27 2023 7:00 AM EDT

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.

Landmark marijuana financing bill clears big hurdle in the Senate

The Secure and Fair Enforcement Regulation Banking Act advanced out of a Senate committee.

www.cnbc.com

This is absolutely idiotic. JUST LEGALIZE IT.

 

[Jason Warfield]

This is absolutely idiotic. JUST LEGALIZE IT.

Not really idiotic. If this bill actually becomes law, it will go a vey long way toward legalizing it on the federal level.

By making it a taxable business, a bank would profit legally. Once the banks can do that…they will actually lobby for it to go nationwide.

 

[Grizzly Adams]

Not really idiotic. If this bill actually becomes law, it will go a vey long way toward legalizing it on the federal level.

By making it a taxable business, a bank would profit legally. Once the banks can do that…they will actually lobby for it to go nationwide.

No, it is idiotic. It's an idiotic half-measure. Marijuana exists in a legal purgatory where it's federally illegal everywhere but federal enforcement is relaxed in areas where states have opted for a different status. The result is a patchwork quilt of stupidity where it's illegal but tolerated in some states but double-super illegal in others. Why? Would we tolerate this moronic state of affairs in other areas of criminal law? Let's imagine Minnesota having a law criminalizing currency counterfeiting, but repealing it (thereby legalizing the act) after the George Floyd incident. Would the federal government relax its enforcement of anti-counterfeiting laws at the federal level in Minnesota? Would there be a push to allow Minnesota banks to accept counterfeit currency as a deposit?

Further, I don't buy your assertion that banks will lobby for legalization if this bill passes. If it passes, the banks have no reason to push for legalization. They are absolved of liability for serving marijuana-related businesses with this bill. Why would they expend any energy at all on getting marijuana legalized when they suffer no repercussions because of its illegal status?

 

[mrjurrs]

This is a good thing ...

Landmark marijuana financing bill set to move forward in the Senate

Published Wed, Sep 27 2023 7:00 AM EDT

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.

Landmark marijuana financing bill clears big hurdle in the Senate

The Secure and Fair Enforcement Regulation Banking Act advanced out of a Senate committee.

www.cnbc.com

In a country that supposedly is based on freedom of the individual, the restrictions on the cannabis industry are imo, anti-American.

 

[Helix]

It is utterly ridiculous that pot isn't legal at the federal level.

 

[RF667799]

In a country that supposedly is based on freedom of the individual, the restrictions on the cannabis industry are imo, anti-American.

At the very least, the restrictions on growing it for personal consumption are.

 

[The Mark]

This is a good thing ...

Landmark marijuana financing bill set to move forward in the Senate

Published Wed, Sep 27 2023 7:00 AM EDT

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.

Landmark marijuana financing bill clears big hurdle in the Senate

The Secure and Fair Enforcement Regulation Banking Act advanced out of a Senate committee.

www.cnbc.com

I keep wondering why the hell it was ever classified as Schedule I, not to mention why it still is.

It just seems weird.

 

[RF667799]

I keep wondering why the hell it was ever classified as Schedule I, not to mention why it still is.

It just seems weird.

The "why" had to do with racism in some measure, in the beginning.

 

[EMNofSeattle]

This is a good thing ...

Landmark marijuana financing bill set to move forward in the Senate

Published Wed, Sep 27 2023 7:00 AM EDT

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.

Landmark marijuana financing bill clears big hurdle in the Senate

The Secure and Fair Enforcement Regulation Banking Act advanced out of a Senate committee.

www.cnbc.com

It’s a bad idea. We don’t need banks involved in financing dangerous narcotics, and most of these businesses are directly or indirectly tied to organized crime.

It’s clear that marijuana legalization is failed expirement that has caused increased traffic deaths, more marijuana abuse, more mental illness and the taking of large swaths of rural land in Oregon and California by foreign organized crime.

 

[BirdinHand]

What does it take to federally legalize marijuana? And what does it take to lower it from a schedule 1?

 

[Maidenrules29]

I'm also for total legalization. Tax the shit out of it like we do cigarettes and alcohol. I don't partake of the herb, but I don't disparage those who do. Just don't do anything while stoned that you wouldn't do while drunk, like drive or carry a gun.

 

[Maidenrules29]

What does it take to federally legalize marijuana? And what does it take to lower it from a schedule 1?

Probably just a bill, and then of course enough votes to pass it. The GOP is what is holding it up, after all, this is the "evil marijuana" we're talking about lol.

 

[EMNofSeattle]

What does it take to federally legalize marijuana? And what does it take to lower it from a schedule 1?

A lot of hatred for the public, sociopathy, bad judgement, all three Combined.

 

[Irredentist]

It’s a bad idea. We don’t need banks involved in financing dangerous narcotics, and most of these businesses are directly or indirectly tied to organized crime.

It’s clear that marijuana legalization is failed expirement that has caused increased traffic deaths, more marijuana abuse, more mental illness and the taking of large swaths of rural land in Oregon and California by foreign organized crime.

Of all the shady business dealings that banks are involved in, marijuana financing is the least of our worries.

 

[EMNofSeattle]

Of all the shady business dealings that banks are involved in, marijuana financing is the least of our worries.

No, it’s not. You just assert that because you support people abusing dangerous drugs like marijuana

 

[Irredentist]

No, it’s not. You just assert that because you support people abusing dangerous drugs like marijuana

I'd worry more about adjustable rate mortgages if I were you. At least marijuana isn't likely to crash the national economy and send us into a recession. Real estate on the other hand...

 

[BirdinHand]

A lot of hatred for the public, sociopathy, bad judgement, all three Combined.

Cool story bro

 

[Linc]

It is utterly ridiculous that pot isn't legal at the federal level.

What will the blood level of THC be in nano-grams per deciliter for driving?

 

[Helix]

What will the blood level of THC be in nano-grams per deciliter for driving?

I haven't studied it, so I don't have a suggestion.

 

[Pippi Longstock]

I think the way to get it removed as the drug class that it is requires studies on users to see how and what it does to you. I think it would be medical and psychological studies.

 

[Linc]

I haven't studied it, so I don't have a suggestion.

Colorado, as you would expect, started studying 40 years ago. Everyday users wake up with ~ 10 ng/dL. Half life depends on %THC and strain dominance (sativa indica)

This won’t be as medically easy as people think. ‘Infused’ joints and moon rocks are a whole new bag, with % smokeable flower up to 65%.

Colleges out here (I’m in CO now) offer courses in cannabis. Cannabis tours in Denver are quite popular.

 

[rickc]

I'm also for total legalization. Tax the shit out of it like we do cigarettes and alcohol. I don't partake of the herb, but I don't disparage those who do. Just don't do anything while stoned that you wouldn't do while drunk, like drive or carry a gun.

No comparison between drunk and stoned. Drunks are loud, obnoxious, prone to violence. They do really stupid stuff.
Stoners are quiet, lethargic and quite happy. Not troublemakers at all.