Cannabis News
Major Banking Group Pushes Congress To Pass Bill Easing Marijuana Businesses’ Access To Financial Services
A major banking organization is asking Congress to pass legislation to make marijuana businesses easier to access financial services.
The Secure and Fair Enforcement (SAFE) Banking Act would “provide important legal and regulatory clarity” and “address an important challenge facing American businesses, our communities and the banks that serve them,” the American Bankers Association (ABA) wrote in a letter to House and Senate leaders.
Bipartisan lawmakers in both houses of Congress It revamped the cannabis banking legislation last month—The latest development in the long-term push for reform, which has passed the House several times and advanced through a Senate committee, but has yet to become law.
“While almost all US states have legalized marijuana in some form, the uncertain legal landscape governing the revenue streams of these state-licensed businesses means that these businesses often operate in cash, outside of the regulated banking system,” the ABA’s new letter says. “This state legal revenue also goes to non-cannabis businesses and service providers, including accountants, skilled trades, landlords and law firms.
“The SAFE Banking Act would remove barriers to banking these funds, significantly reducing the amount of money moving through the state’s licensed cannabis businesses and service providers,” the group wrote. “This, in turn, would reduce the risk of these businesses being targeted by bad actors, thereby improving public safety in the communities in which they operate.”
Developments in the legal definition of hemp and federal reorganization of medical marijuana “It underscores the need for Congress to act” on the issue, the ABA said.
“As a result, the volume of marijuana-related products and state-licensed profits is likely to increase significantly, increasing public safety and illicit financial risks,” the letter states. “SAFE Banking would provide the necessary certainty by allowing these funds to enter—or enter—the regulated banking system.”
“Passing this legislation would reduce illicit financial risk and increase financial transparency of cannabis and hemp-derived income. Highly regulated banks and other financial institutions must comply with strict anti-money laundering and anti-terrorist financing laws and regulations, conduct due diligence on their customers, monitor transactions for suspicious activity, and register formal state and financial systems. Providing a significant level of transparency and accountability to financial institutions enabling better identification and reporting of illicit financial risk.”
The the letterAddressed to House Speaker Mike Johnson (R-LA), Senate Majority Leader John Thune (R-SD), House Minority Leader Chuck Schumer (D-NY) and House Minority Leader Hakeem Jeffries (D-NY), along with the chairs and members of the Senate Banking Committee and the House Financial Services Committee, the SAFE Banking Act calls for “immediate” passage through Congress.
The House passed versions of the SAFE Banking Act seven times, and The Senate Banking Committee passed a cannabis banking measure In 2023 but later he was not taken to the ground and died at the end of the 118th Congress.
—
It’s Marijuana Time tracking hundreds of cannabis, psychedelic and drug policy bills in state legislatures and Congress this year. Patreon supporters by pledging at least $25/month, you’ll get access to our interactive maps, charts, and audio calendars so you never miss a development.
Learn more about our marijuana bill tracking and become a Patreon supporter to gain access
—
Sen. Tim Scott (R-SC), who currently chairs the banking panel, said recently that marijuana remains illegal at the federal level while more states legalize it. It created a “quandary” for cannabis companies and banks looking to serve them.
Although Scott has opposed cannabis banking reform in the past, he said the bill would “solve the banking problem by making banking legal,” Scott said. “What you don’t want is to have these vault rooms where there are hundreds of thousands of dollars in cash sitting in one place. Everybody knows you can’t bank and so the criminal activity is much higher in these places.”
Marijuana Moment is made possible with the help of readers. If you rely on our pro-cannabis journalism to stay informed, consider a monthly Patreon pledge.
Cannabis News
Will the top World Cup expert in the fruit, vegetable, and horticulture sector come from Canada, the U.S. or Belgium?
FreshPublishers 2026 World Cup Group Stage
The World Cup is coming to an end, with the third-place play-off between France and England on Saturday, and the final between Spain and Argentina the following day. It won’t be long until the grand winner of FreshPublishers’ first World Cup pool is revealed.
© Fresh Publishers
As previously reported, Slim Kooli from Courchesne Laros is the favorite to win the €1,000 prize. He has secured a comfortable lead over Nol Batist of North American Interstate Greenhouse Company, while buyer Bjorn Van Ryckeghem of Deprez Construct is currently in third place.
| 1 | Sim School | Spain | 1–0 | 2–1 | 737 | 9716 | |
| 2 | Nol Batist | France | 2–1 | 1–1 | 674 | 9433 | |
| 3 | Bjorn Van Ryckeghem | France | 2–2 | 3–1 | 674 | 9264 | |
| 4 | Christian Anton Smedshaug | England | 1–2 | 1–2 | 659 | 9134 | |
| 5 | Perry Springintveld | Spain | 1–1 | 2–1 | 647 | 9105 | |
| 6 | Willem Tijssen | Spain | 2–0 | 2–1 | 710 | 9098 | |
| 7 | Hans Borsboom | Spain | 2–1 | 2–1 | 528 | 9058 | |
| 8 | Bart Triemstra | Spain | 2–1 | 2–1 | 737 | 9052 | |
| 9 | Youness Bensaid | Spain | 2–1 | 1–1 | 722 | 8954 | |
| 10 | Vijay Dijkstra | Portugal | 2–0 | 2–1 | 382 | 8953 |
However, there have been some surprises during the tournament, and bonus points must be added, so we will keep the suspense a little longer. On Monday we will find out who is the main World Cup announcer in the international fruit, vegetable and horticulture sector…
Standard Wellness has entered into an agreement with License in the Flats, LLC to enter into definitive agreements to acquire a dispensary license in the Flats following the required regulatory review period. At the end of that period, the company and License in the Flats intend to execute those agreements and then continue to develop the dispensary into a retail location branded The Forest Cleveland.
Following regulatory approval of the change of ownership by the Ohio Division of Cannabis Control, the new dispensary will become the Company’s first retail location in the city of Cleveland, where the Company is headquartered.
Additionally, the Company announced the divestiture of The Forest Sandusky and The Forest Springfield, its Ohio dispensaries, to Greenlight, again subject to pending regulatory approvals.
“We are excited to expand our presence in the city of Cleveland and serve guests in our hometown,” said Kate Ols, Vice President of Retail for Standard Wellness. “As our business continues to grow, we are focused on building a retail network that will best position us to serve our communities for the long term. At the same time, we are proud of the role our Sandusky and Springfield dispensaries have played in Ohio’s cannabis history, and we are confident that those communities will continue to grow under Greenlight’s leadership.”
Standard Wellness and Greenlight are working closely together to support a smooth transition for staff and guests throughout the transfer process. As established operators in Ohio and Missouri, the companies share a commitment to strengthening the regulated cannabis industry and serving the communities in which they operate.
The new dispensary is expected to serve both local residents and visitors while completing the Company’s Northeast Ohio footprint.
Under Ohio law, a cannabis operator cannot hold more than eight dispensary licenses statewide. The acquisition of the Cleveland license and divestiture of The Forest Sandusky and The Forest Springfield allows Standard Wellness to continue to meet Ohio’s property limits while strategically repositioning its Ohio retail footprint and focusing investments in key markets.
Forest Sandusky and Forest Springfield have played significant roles in the evolution of Ohio’s cannabis industry. Sandusky was the site of the state’s first legal cannabis sale in January 2019, and Springfield became the first part of Ohio’s cannabis industry merger and acquisition transaction when Standard Wellness purchased Pure Ohio Wellness’ dispensary.
For more information:
Standard Wellness Holdings
standardwellness.com/
The C Block…more 420 recaps on Weed Talk News …recorded 4_29_24
PART 1 TAKING A KNEE | NATE BOYER
Marijuana Retail Report
Will the top World Cup expert in the fruit, vegetable, and horticulture sector come from Canada, the U.S. or Belgium?
ALJ Hearing Is Officially Over
States Move To Let First Responders Use Marijuana And Psychedelics To Treat PTSD
San Francisco Board of Supervisors Approves Cannabis Café Ordinance
Industry Reaction to DEA Decision Recommending Schedule 3 – Special Report from Weed Talk News
Part 2 TAKING A KNEE | NATE BOYER
Standard Wellness expands into Cleveland with dispensary acquisition
“Our system can manage equipment across 10,000+ m² using just a few wires”
Mazar-i-Sharif Hash Wednesday
Florida Workshop to Discuss What Constitutes a ‘Cartoon’ in Hemp Packaging
Afghan Black Hash Wednesday
From Finance to Wellness: Brad Zerman’s Impactful Pivot
Weak Michigan Cannabis Sales Again in July – New Cannabis Ventures
Re-release of the full show of Cannabis Coast to Coast news. Republican Texas DA Fires Up vs. laws;
DEA’s Cole Reverses His “priorities” ; Prohibitionists Dig In; Dead & Co Celebrates 60 years in SF
Your Cannabis Business: Consistent Filings Are Critical
Texas DA Fires Up for Change! Mass. Sheriff arrested on Extortion charges; GOP vs Industry in state
-
Cannabis News11 months ago“Our system can manage equipment across 10,000+ m² using just a few wires”
-
Video10 months agoMazar-i-Sharif Hash Wednesday
-
Florida11 months agoFlorida Workshop to Discuss What Constitutes a ‘Cartoon’ in Hemp Packaging
-
Video9 months agoAfghan Black Hash Wednesday
-
Video11 months agoFrom Finance to Wellness: Brad Zerman’s Impactful Pivot
-
aawh11 months agoWeak Michigan Cannabis Sales Again in July – New Cannabis Ventures
-
Video11 months agoRe-release of the full show of Cannabis Coast to Coast news. Republican Texas DA Fires Up vs. laws;
-
Video11 months agoDEA’s Cole Reverses His “priorities” ; Prohibitionists Dig In; Dead & Co Celebrates 60 years in SF