More Republican support needed to pass marijuana banking, Schumer says
Democratic Senate Majority Leader Chuck Schumer says he is still wrangling Republican support for a much-awaited marijuana banking reform bill.
Democratic Senate Majority Leader Chuck Schumer says he is still wrangling Republican support for a much-awaited marijuana banking reform bill.
The refreshing wave of good news from Washington DC that buoyed the U.S. marijuana industry in late summer might have peaked, with fresh hurdles emerging that could make it harder for Congress to pass cannabis banking reform.
The latest push for federal cannabis banking reform in the United States passed a markup hearing in the Senate Banking Committee on Wednesday, demonstrating bipartisan support for allowing state-legal marijuana businesses to access financial services and setting up the bill for a full vote in the chamber.
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.
Senate Democrats have released an updated and rebranded cannabis banking reform bill ahead of a long-awaited committee markup and expected vote scheduled for next Wednesday.
Marijuana banking reform legislation could be heard in a key U.S. Senate committee before the end of June, a top Democratic senator suggested this week.
Cannabis industry financial services company Safe Harbor Financial announced a marijuana business banking partnership with Five Star Bank.
The push to pass major federal cannabis banking reform resumes in earnest Thursday during a Democratic-controlled U.S. Senate Banking Committee hearing on the challenges that a largely cash-based industry poses to small businesses and employees.
Any disruption to the economy – particularly when it involves banks – is disconcerting and potentially impactful to the cannabis industry.
Inflation has had a substantial detrimental impact on the cannabis market, particularly in terms of how it is impacting accounts receivable.
Though some marijuana multistate operator executives remain hopeful, others in the industry are skeptical that Congress will pass SAFE Banking this year.
Colorado-based cannabis-focused finance company SHF Holdings said it is spending $30 million in a cash-and-stock deal to acquire financial technology company Rockview Digital Solutions, which does business as Abaca.