In one paper For federal lawmakers, the American Bankers Association (ABA) called for passage of the SAFE Banking Act — a proposal that seeks to normalize banking access for state-approved cannabis companies. In the letter, Naomi Camper, chief policy officer for the ABA, said the law “would improve public safety, help the government combat illegal financing, and provide a critical measure of security in response to the evolving legal landscape by giving cannabis businesses that operate in full compliance with state laws access to essential financial services.”

“Although almost every US state has legalized marijuana in some form, the uncertain legal landscape governing the revenue of these state-licensed businesses means that these businesses often operate on a cash basis, outside of the regulated banking system.” — Camper, on paper

Camper added that normalizing banking for cannabis businesses would “remove the barriers to banking these funds” and allow funds to flow more freely to non-cannabis businesses that work with the cannabis industry, including accountants, skilled traders, landlords and law firms.

Further, Camper notes that recent federal changes regarding cannabis—specifically rescheduling medical cannabis from Schedule I to Schedule III under the Controlled Substances Act—”emphasize the need for Congress to act.”

“Passage of this legislation would reduce the risk of illicit financing and increase financial transparency for cannabis and hemp-derived revenues,” Camper wrote in the letter. “Banks and other highly regulated financial institutions must adhere to strict anti-money laundering and anti-terrorist financing laws and regulations, conduct due diligence on their customers, screen transactions for suspicious activity and keep records.

Previous versions of the SAFE Banking Act have passed the House seven times, most recently in 2023. The current version of the legislation has been referred to the Committee on Financial Services and in addition to the Judiciary and Veterans Affairs Committees.

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Missouri’s cannabis industry workers are building on a string of recent union victories as workers at dispensaries and manufacturing facilities push to organize across the state. Independent Missouri reports.

Workers at High Profile Cannabis in Columbia last week unanimously ratified what union officials said was Missouri’s first collective bargaining agreement for cannabis workers. According to the United Food and Commercial Workers International Local 655, the contract provided for higher wages and paid vacation time for employees.

The victory comes as other Missouri cannabis workers are advancing union campaigns. Proper Brands workers post-harvest in St.

According to the report, Sean Shannon, director of organizing for UFCW Local 655, told the outlet that production and distribution workers from across the state are trying to organize their workplaces.

Some of the campaigns follow years of legal wrangling and pushback from employers. In May, workers at BeLeaf Medical’s Sinse cultivation facility won a National Labor Relations Board ruling that claimed post-harvest cannabis workers are covered under federal labor law and have the right to unionize. The ruling rejected the company’s argument that the workers should be classified as agricultural workers, who are exempt from certain federal labor protections.

Proper Brands founder and CEO John Pennington told the Independent that the company respects the workers’ decision and looks forward to working with the union.

At Vibe, workers cited concerns about favoritism, wages, working conditions, safety equipment and retirement benefits. Organizers said recent wins in High Profile, Proper and Sinse have helped build momentum among cannabis workers, who had previously questioned whether unionization was possible in the state.

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A Cuyahoga County, Ohio grand jury last week indicted Garett Fortune, 54, on 20 counts of securities fraud in an alleged scam involving a cannabis candy company. The grand jury indicted Fortune on six counts of false representation, six counts of securities fraud, four counts of theft by a person in a protected class, three counts of grand larceny and one count of money laundering. In total, he faces five second-degree felonies, nine third-degree felonies and six fourth-degree felonies.

The indictment alleges that Fortune solicited $200,000 from six individuals for the purpose of operating a cannabis candy company, but misrepresented material facts about the investment and failed to disclose relevant information to investors.

In a statement, Ohio Securities Commissioner Andrea Seidt said, “It is a crime to lie, cheat and steal from Ohio investors.”

“Scammers should know that in Ohio the fines increase even for smaller dollar losses when the misconduct involves older victims, as is the case here.” – Seidt in one press release

Fortune is the founder of OdorNo and FunkSac, which specialize in anti-odor and child-resistant cannabis products, according to a Hoodline report.

In 2015, FunkSac received financial support from Casa Verde Capital and, in a press releasethe company was supported by Snoop Dogg.

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