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☆ Kamala Harris' marijuana stance is hazier than you think
▼ + stars: | 2024-09-27 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +7 min

Kamala Harris has previously supported federal marijuana legalization and continues to back reforms. AdvertisementAs a United States senator and 2020 presidential candidate, Kamala Harris supported not just legalizing marijuana nationwide, but expunging nonviolent marijuana-related offenses. Advertisement"I would suspect that she would probably support [legalization], but I don't know," said Democratic Sen. John Fetterman of Pennsylvania. 'I don't know whether that would be a top priority issue'There's no denying that marijuana legalization is popular. "I don't know whether that would be a top priority issue, but I do think that we will see a potential Harris administration go much farther than the Biden administration has," Fox said.

Persons: Kamala Harris, —, Joe Biden, Harris, Tim Walz, didn't, she's, that's, Biden, Donald Trump, Jim Himes, Democratic Sen, John Fetterman of, Earl Blumenauer, It's, Blumenauer, Booker, Alexandria Ocasio, Cortez, Morgan Fox, Fox, She's Organizations: Lawmakers, Service, United, Democratic Party, Spectrum News, Minnesota Gov, Marijuana, Capitol, Democratic, Rep, Oregon Democrat, Congressional Cannabis Caucus, Reinvestment, New York Democrat, Gallup, Republicans, Trump, National Organization, Congress Locations: United States, Jim Himes of Connecticut, John Fetterman of Pennsylvania, Alexandria, Florida

Former President Donald Trump said he plans to vote yes on a ballot measure in Florida to legalize marijuana, his clearest stance so far on the issue. He wrote that arrests for marijuana possession of "personal amounts" waste taxpayers' dollars and suggested that the ballot measure would help prevent deaths from fentanyl-laced marijuana. If passed, the ballot measure would permit residents over 21 to possess, buy or consume marijuana recreationally. Ron DeSantis opposes the marijuana ballot measure and most congressional Republicans have in recent years voted against bills to reform U.S. policy on marijuana. Trump last month seemed to signal some support for another ballot measure in Florida: one that would expand abortion access.

Persons: Donald Trump, ” Trump, “, Ron DeSantis, Sen, John Kennedy, I’m, Kennedy, Kevin Cramer, ” Cramer, Trump, Harris, Joseph Costello, Costello, ” Organizations: Florida Gov, Republicans, Trump, Newsmax, NBC News, Fox News Locations: Florida, North Dakota

REUTERS/Erica Dischino/ File Photo Acquire Licensing RightsSept 27 (Reuters) - A U.S. Senate committee on Wednesday voted to advance a marijuana banking bill, raising hopes for the cash-dependent cannabis sector to get access to regular banking services. The Secure and Fair Enforcement Regulation Banking Act (SAFER) bill, introduced by a bipartisan group of senators last week, will now move to the Senate floor. Shares of SNDL (SNDL.O), Trulieve Cannabis (TRUL.CD), Cronos Group (CRON.TO), rose between 1% and 3% following the vote. An earlier version of the bill, the SAFE Banking Act, had failed to secure a Senate vote despite the House of Representatives passing it seven times. "Realizing this first vote out of the Senate signals strong bipartisan support from both chambers of Congress," said Trulieve CEO Kim Rivers.

Persons: Erica Dischino, Kim Rivers, Arunima Kumar, Sourasis Bose, Sriraj Organizations: Red, REUTERS, U.S, Cronos, Cannabis ETF, Holdings, SAFE, U.S . Department of Health, Human Services, Drug Enforcement Agency, Thomson Locations: Red Lake, Red Lake , Minnesota, U.S, Bengaluru

☆ Cannabis companies have high hopes for legalized banking
▼ + stars: | 2023-09-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCannabis companies have high hopes for legalized bankingCNBC's Jane Wells joins 'The Exchange' to discuss the proposed safe banking bill allowing legal cannabis sales to utilize bank services.

Persons: Jane Wells

☆ The SAFE Banking Bill will catalyze cannabis financial partnerships, says Green Check's Kevin Hart
▼ + stars: | 2023-09-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe SAFE Banking Bill will catalyze cannabis financial partnerships, says Green Check's Kevin HartKevin Hart, CEO and co-founder of Green Check Verified, joins 'The Exchange' to discuss enthusiasm about the potential passage of the SAFE Banking bill, concerns about the language in the bill, and what mainstream financial institutional exposure would do for the cannabis industry.

Persons: Green Check's Kevin Hart Kevin Hart Organizations: Green, SAFE Banking

☆ Landmark marijuana financing bill set to move forward in the Senate
▼ + stars: | 2023-09-27 | by ( Stefan Sykes | ) www.cnbc.com time to read: +3 min

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 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. Even as 39 states have legalized marijuana for recreational or medical use, the sector has struggled to scale. The new bill includes stricter requirements for federal regulators, such as prohibiting them from terminating any marijuana-related accounts without "valid reason," or from denying banking services based on "personal beliefs or political motivations."

Persons: Jeff Merkley, Steve Daines, Kyrsten Sinema, Cynthia Lummis, Chuck Schumer, Ian Katz Organizations: U.S, Capitol, Washington , D.C, Sens, SAFE, Democratic, Republican, GOP, Capital Alpha Partners, Republicans Locations: Oregon, Washington ,

In volatile trading, the U.S.-listed shares of several cannabis firms rose immediately after the Senate vote. Investors expected it to exit the banking committee. An earlier version of the bill, the SAFE Banking Act, had failed to secure a Senate vote despite being passed seven times by the U.S House of Representatives. As a result, legal cannabis companies are denied access to financial services. To get it through the Senate banking committee is a major achievement," Boris Jordan, billionaire founder of Curaleaf Holdings, said in an interview.

Persons: Chris Wattie, Jesse Redmond, Redmond, We've, it's, Boris Jordan, Jordan, Chibuike Oguh, Suzanne McGee, Michelle Price, Lance Tupper, Bill Berkrot Organizations: Canopy Growth Corporation, REUTERS, U.S, U.S . Senate, Aurora, Cronos, SNDL Inc, Curaleaf Holdings, Tilray, Cannabis ETF, Cannabis, Tower Research, Investors, SAFE, Thomson Locations: Smiths Falls , Ontario, Canada, U.S, New York, Bengaluru

☆ Republicans soften on federal marijuana reform in a shift that could make it a reality
▼ + stars: | 2023-09-15 | by ( Julie Tsirkin | Liz Brown-Kaiser | ) www.cnbc.com time to read: +8 min

The SAFE Banking Act would make it lawful for legal marijuana businesses to use major financial and banking institutions. Smart Approaches to Marijuana Action, a political organization opposed to marijuana legalization, urged Tuberville to oppose the legislation in a recent letter. Financial institutions, including small and community banks, have also put pressure on lawmakers, including Tuberville, to support the bill. There's been these attempts by the chairman of the Banking Committee to add a bunch of other stuff onto it, and I think that just completely torpedoes the chances." Ahead of his re-election campaign, President Joe Biden announced his intention to pardon federal convictions for simple marijuana possession offenses at the end of last year.

Persons: Chuck Schumer, We've, Sen, Steve Daines, Sherrod Brown, Kevin Cramer, Daines, Cramer, Dan Sullivan, Lisa Murkowski, Bill Cassidy of, Cynthia Lummis of, Rand Paul of Kentucky, Susan Collins of, Kevin McCarthy of California, McCarthy, Tommy Tuberville, Steve Stafford, Tuberville, Sullivan, Jeff Sessions, Trump, Sheriff Dan Springer, Springer, I've, Jeff Merkley, Jack Reed, It's, Cory Booker of, Dave Joyce, Alexandria Ocasio, Joe Biden Organizations: U.S, Capitol, Banking, Housing, Urban Affairs, SAFE, Republicans, Democrats, GOP, Auburn University, Smart, Senators, Republican, D.C, Sheriff, HOPE Locations: Ohio, GOP Sens, Alaska, Bill Cassidy of Louisiana, Cynthia Lummis of Wyoming, Susan Collins of Maine, Washington, Gallatin County , Montana, Montana, Cory Booker of New Jersey, R, Alexandria, Cortez

☆ Cannabis ETFs are off to a strong September. Will the buzz last?
▼ + stars: | 2023-09-09 | by ( Kevin Schmidt | ) www.cnbc.com time to read: +3 min

"We've seen most cannabis ETFs rally over 30% since the news broke last week on this recommendation," Amplify ETFs CEO Christian Magoon told CNBC's Courtney Reagan on "ETF Edge" on Wednesday. The Roundhill Cannabis ETF (WEED) has soared nearly 71% since the announcement, while the AdvisorShares Pure US Cannabis ETF (MSOS ) and AdvisorShares Pure Cannabis ETF (YOLO) have jumped 64% and 45%, respectively. "Consumer packaged goods and pharmaceutical companies are going to be able to now look at these cannabis companies as M&A targets to partner with them." "The great thing about the ETF industry is there's a lot of opportunity," Lydon said in the same interview on Wednesday. Lydon pointed out that Amplify ETFs holds a great "first mover advantage" with its pair of cannabis-based funds.

Persons: Christian Magoon, CNBC's Courtney Reagan, Magoon, marijuana's, Tom Lydon, Lydon Organizations: Cannabis ETF, U.S . Department of Health, Human Services, HHS, DEA, Cannabis, VettaFi Locations: YOLO

☆ Pot firms surge as US move to ease curbs sparks hopes of legalization
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

Shares of cannabis firms Cronos Group (CRON.TO), OrganiGram Holdings (OGI.TO), Aurora Cannabis (ACB.TO), Canopy Growth (WEED.TO) jumped between 6% and 25%. Verano Holdings (VRNO.CD), Green Thumb Industries (GTII.CD), Cresco Labs (CL.CD) and Curaleaf Holdings (CURA.CD) and Goodness Growth (GDNS.CD) rose between 15% and 37%. "Certainly moving cannabis off of Schedule 1 is the right decision and long overdue. The firm held investments in cannabis retailer and producer Green Thumb, and cannabis data platform Flowhub, according to its website. Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: cagey, Ty Collin, Patrick Rea, Green, Arunima Kumar, Sriraj Organizations: Cronos Group, OrganiGram Holdings, Verano Holdings, Green Thumb Industries, Cresco Labs, Curaleaf Holdings, Cannabis ETF, U.S . Department of Health, Human Services, Drug Enforcement Agency, Banking, Poseidon Garden Ventures, Thomson Locations: U.S, Aurora, Bengaluru

July 26 (Reuters) - Mastercard (MA.N) has told financial institutions to stop allowing marijuana transactions on its debit cards, dealing a blow to an industry already on the fringes of the financial system in the United States. Most banks in the country do not service cannabis companies as marijuana remains illegal at the federal level despite several states legalizing its medicinal and recreational use. "The federal government considers cannabis sales illegal, so these purchases are not allowed on our systems," the spokesperson added. Sunburn Cannabis CEO Brady Cobb said in a statement that "this move is another blow to the state-legal cannabis industry and patients/consumers who want to access this budding category." The SAFE Banking Act is a crucial legislation that would make it easier for the cannabis industry to access banking services.

Persons: Brady Cobb, Darren Weiss, John Cornyn, Chuck Schumer's, Niket Nishant, Arun Koyyur, Krishna Chandra Eluri Organizations: Mastercard, Republican, Bloomberg News, Thomson Locations: United States, Washington, Bengaluru

Aaron Smith, CEO of the National Cannabis Industry Association, speaks during a news conference on the Safe Banking Act outside the U.S. Capitol in Washington, Sept. 14, 2022. The Senate banking committee is holding its first-ever hearing Thursday on a bipartisan bill that would allow the cannabis industry to access traditional banking services, which marijuana businesses see as critical to their survival. The meeting, titled Examining Cannabis Banking Challenges of Small Businesses and Workers, will hear testimony from lawmakers on both sides of the aisle, including Sens. Thursday's hearing will determine next steps in getting the bill to the Senate floor for a vote, as Senate Majority Leader Chuck Schumer and other key lawmakers express support for it. "Without full access to the banking and payments system, legal cannabis businesses are forced to operate in the shadows," said Sen. Sherrod Brown, D-Ohio, who is also chair of the committee.

☆ Lawmakers reintroduce SAFE Banking Act, a bill the cannabis industry hails as a lifeline
▼ + stars: | 2023-04-27 | by ( Stefan Sykes | ) www.cnbc.com time to read: +3 min

Aaron Smith, chief executive officer of the National Cannabis Industry Association, speaks during a news conference on the Safe Banking Act outside the US Capitol in Washington, D.C., US, on Wednesday, Sept. 14, 2022. A group of bipartisan lawmakers reintroduced the Secure and Fair Enforcement (SAFE) Banking Act in the House and Senate on Wednesday, after the legislation designed to free up banking services for the cannabis industry stalled in last year's Congress. "For the first time, we have a path for SAFE Banking to move through the Senate Banking Committee and get a vote on the floor of the Senate," Merkley said in a statement. The bipartisan nature of the SAFE Banking Act's reintroduction appeared to boost hopes of more relief to come in the industry. It is past time that Congress addresses the irrational, unfair, and unsafe prohibition of basic banking services to state-legal cannabis businesses," said Blumenauer, founder and co-chair of the Congressional Cannabis Caucus.

☆ Cannabis stocks light up after a group of lawmakers again seeks to protect banks that work with legal marijuana businesses
▼ + stars: | 2023-04-27 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Cannabis stocks jumped Thursday as lawmakers sought again to pass a bill to protect banks that work with legal pot firms. The SAFE Banking Act of 2023 was refiled by Democrats and Republicans in the House and Senate. The Secure and Fair Enforcement, or SAFE, Banking Act was refiled late Wednesday by House and Senate lawmakers from both the Democratic and Republican parties. They say the proposal is aimed at dealing with safety concerns stemming from legal cannabis businesses being locked out of banking services. Merkley said there's now a path for the first time for the SAFE Banking Act to move through the Senate Banking Committee and to a Senate floor vote.

☆ Cannabis Stocks Are Stuck With Their Toxic Ingredients
▼ + stars: | 2022-12-30 | by ( Carol Ryan | ) www.wsj.com time to read: 1 min

U.S. marijuana companies lack access normal financial services, such as checking accounts and commercial mortgages. U.S. cannabis companies may be starting to wonder if they will ever catch a break in Washington. Democrats tried and failed to shoehorn cannabis banking reforms into this month’s $1.65 trillion omnibus spending bill before the new Congress starts on Jan. 3. Had the SAFE Banking Act passed, U.S. marijuana companies would have been able to access normal financial services like checking accounts and commercial mortgages.

☆ Cannabis giant Curaleaf just laid off over 200 employees as the industry's downturn deepens
▼ + stars: | 2022-11-30 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +3 min

Curaleaf laid off staff in November, Insider has learned. In a statement to Insider, Curaleaf said the cuts were "a part of an effort to control costs and drive efficiencies in the face of economic uncertainties ahead." Darin, who took over the top job in May, said Curaleaf was in discussions with unionized employees at affected Curaleaf locations. From public giants to small startups, cannabis companies are falling on hard times. Like other industries, cannabis companies have been contending with broader trends like rising inflation.

☆ Cannabis giant Canopy Growth crafted a complex plan to get into the US and reverse a stock slump. But some analysts say it could backfire.
▼ + stars: | 2022-10-28 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +6 min

It's another consequence of the quasi-legality of the cannabis industry in the US. The Canadian cannabis giant Canopy Growth has long searched for a way to give its stock a much-needed boost. "We continue to have open conversations with the exchanges," Klein said. He added that Canopy's deal could provide a model for other Canadian cannabis companies that want to do business in the US. Jefferies said Nasdaq's objection to Canopy's plan was a key risk and that the rest of the cannabis industry should pay close attention.

☆ Legal Grass Isn’t Always Greener for Cannabis Companies
▼ + stars: | 2022-10-14 | by ( Carol Ryan | ) www.wsj.com time to read: 1 min

Canada’s legal cannabis industry turns four on Monday. Earlier this month, President Biden said he will pardon federal cannabis offenses and order a review of how the drug is classified. This isn’t likely to lead directly to the end of federal marijuana prohibition, but might set the country on the road to further reforms that could benefit U.S. pot growers, who operate in a weird legal limbo. Today, they aren’t allowed to make deductions for normal business expenses so effective tax rates can be as high as 70%. They are also largely barred from accessing many financial services, something that a bill called the SAFE Banking Act proposes to fix.

☆ Biden's surprise move to reclassify cannabis could supercharge legal weed — but it also carries big risks for companies and investors
▼ + stars: | 2022-10-07 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +7 min

He announced pardons for federal cannabis possession and ordered a review of how cannabis is scheduled. While Biden's announcement stopped far short of decriminalization, he outlined three key steps:He's pardoning people federally convicted of simple cannabis possession. Biden's announcement signals that his administration — quiet on cannabis until now — will finally push for federal cannabis reform. Stifel analyst Andrew Partheniou called Biden's announcement "the most important development in US cannabis history," in a Friday morning note. If the government decides to regulate cannabis like a pharmaceutical, that could undermine the recreational cannabis industry as it currently stands.

☆ A top Wall Street analyst says cannabis-banking reform is far more likely than many investors think. Here are the top 4 stocks he says to bet on.
▼ + stars: | 2022-10-05 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +3 min

Cantor Fitzgerald's Pablo Zuanic says a cannabis banking bill may pass before the end of the year. Passage of the SAFE Banking Act would give cannabis stocks a much-needed boost. A long-awaited cannabis-banking bill may pass in the lame-duck session of Congress this year, a top Wall Street analyst says. The bipartisan SAFE Banking Act is a narrow cannabis reform bill that would allow companies that sell or cultivate THC to access the banking system. Cory Booker and Ron Wyden, have previously opposed the SAFE Act proceeding ahead of more comprehensive, criminal-justice-focused cannabis reform.

☆ A powerful Oregon senator revealed a path forward for a long-awaited cannabis banking bill
▼ + stars: | 2022-09-08 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +3 min

Oregon Sen. Jeff Merkley is bullish on the prospects for a cannabis banking bill ahead of the midterms. Previous versions of the bill, the SAFE Banking Act, have failed to pass Congress seven times. The bill would allow federally-chartered banks to work with cannabis companies, but wouldn't legalize cannabis federally. Merkley said that in the past, Democrats have opposed passing SAFE Banking because it didn't include those reforms. "So folks that should have been allies for SAFE Banking have been opposed in the past," Merkley said.

☆ Cannabis execs and employees are struggling to get mortgages and having their bank accounts canceled — even though the industry is legal in many states
▼ + stars: | 2022-06-06 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +5 min

Steven Kemmerling — the CEO of CRB Monitor, a corporate-intelligence firm that helps financial institutions navigate the cannabis industry — told Insider he sees problems like this frequently and doesn't see a fix coming soon. Banks are wary of taking risks"Getting loans and bank accounts is still a challenge for anyone in the industry," he said. 'There's still a level of discrimination happening'Several other cannabis execs told Insider they'd experienced banking problems too. Herold told Insider that their mortgage was denied less than a week before when they were supposed to close on their new home. Kemmerling told Insider that even if the SAFE Act passes, it won't be the "panacea," or cure-all, that many expect it to be.

☆ The ultimate guide to US marijuana legalization: The key dates to know in each state, and which stocks could benefit the most
▼ + stars: | 2022-05-27 | by ( Jeremy Berke | Yeji Jesse Lee | ) www.businessinsider.com time to read: +2 min

This year, Rhode Island became the 19th state to legalize cannabis. Subscribe to Insider Cannabis, our weekly cannabis industry newsletter, for more stories like this. Last year, Senate Majority Leader Chuck Schumer and two other top Democratic senators unveiled a cannabis legalization proposal. Republican Rep. Nancy Mace has introduced legislation to federally legalize cannabis, though the bill imposes a lower tax rate than the Democrat-led bill. That's on top of other narrower cannabis reform bills, including the bipartisan SAFE Banking Act, which would allow banks to work with cannabis companies.

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