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Historic Vote!

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The U.S. House of Representatives overwhelmingly passed a historic bill Wednesday providing legalized cannabis businesses access to banking services.

Colorado Congressman Ed Perlmutter, lead sponsor of the SAFE Banking Act, said:

“After six years of working on this bill, the SAFE Banking Act will go a long way in getting cash off our streets and providing certainty so financial institutions can work with cannabis businesses and employees.”

It’s still an uphill climb in the U.S. Senate, but Senate Republicans may be softening. U.S. Sen. Marco Rubio, R-Fla.,  said Wednesday:

“I think you can be against marijuana and still understand that if it’s going to be a legalized product, we need to be able to control it through our banking system.”

And the chairman of the Senate Banking Committee Mike Crapo, R-Idaho, has said he wants to advance banking legislation by the end of the year, although it may not be Perlmutter’s bill.

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Bipartisan Group of 21 AG’s Implore Congress to Act 

Colorado Attorney General Phil Weiser and 20 other attorneys general signed a letter sent to congressional leaders on Monday, supporting the STATES Act, which would allow legal cannabis businesses to access banks, shield legal cannabis businesses from federal interference and deter criminal activity associated with a largely cash-only business. 

“We are a bipartisan group of state and territorial attorneys general who share a strong interest in defending states’ rights, protecting public safety, improving our criminal justice systems, and regulating new industries appropriately,” the letter reads.  “Legislation like the proposed STATES Act is simply meant to ensure that if a state or territory does choose to legalize some form of marijuana use – which at least 33 states and several territories have done – its residents are not subject to a confusing and dangerous regulatory limbo.”

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The Senate Committee on Banking, Housing and Urban Affairs last week ushered in industry leaders and advocates to testify about the challenges cannabis companies face trying to get basic banking services in states where medical or recreational marijuana is legal. Those testifying urged lawmakers to change federal laws so the industry could access traditional financial services. 

While the hearing was the first-of-its-kind in the GOP-controlled Senate, passing federal legislation still remains an uphill battle. Except for the committee chairman, U.S Sen. Mike Crapo, R-Idaho, none of the other GOP committee members attended the hearing. He urged lawmakers to change federal laws to give the budding industry access to traditional financial services. 

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Related: 

Rob Nichols, President and CEO of the American Bankers Association and Jim Nussle President and CEO of the Credit Union National Association, co-authored an Op-Ed calling on Congress to pass marijuana banking legislation. 

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With the STATES Act and SAFE Banking Act, the cannabis lobby is on track to break a new record. 

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U.S Sen. Cory Gardner continues to urge the federal government to pass the SAFE Banking Act and the STATES Act:

Banking, Banking, Banking 

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The federal banking bill could have implications beyond cannabis businesses, specifically in the trading game. Analysts see significant opportunities in the U.S. cannabis market if federal regulators here legalize the drug. That could be huge for exchange traded funds (ETFs).

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But maybe don’t take it to the bank

A pair of Republican senators told Marijuana Moment that they believe cannabis banking legislation has a shot of getting a hearing in that chamber after House passage.

“He didn’t say ‘hell no,’” Sen. Kevin Cramer (R-ND) said of a key Banking Committee Chairman Mike Crapo (R-ID),  whom he pressed on the bill. “I thought he was quite open-minded to it.”

Banks that serve lawful marijuana businesses would be protected from a crackdown by financial regulators such as the U.S. Department of Treasury under a provision in a draft congressional spending bill.

“None of the funds made available in this Act may be used to penalize a financial institution solely because the institution provides financial services to an entity that is a manufacturer, a producer, or a person that participates in any business or organized activity that involves handling marijuana, marijuana products, or marijuana proceeds, and engages in such activity pursuant to a law established by a State, political subdivision of a State, or Indian Tribe ….”

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Banking News

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U.S. state bankers’ associations jointly sent a letter to leaders of a key Senate panel saying they support cannabis banking reform and urging the committee to hold a hearing on the overall merits of such legislation.

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Colorado Attorney General Phil Weiser, sent a formal letter to Congressional leaders last week demanding that lawmakers pass the SAFE Banking Act or similar legislation that would provide a safe harbor for banks to provide financial services to the marijuana industry.

A bill to allow financial institutions to assist the cannabis industry without penalization has backing on both sides of the aisle and from the White House.

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A survey found that 82% of banking executives want the federal government to allow financial services providers to do business with the marijuana industry. 

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Quotable

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“Every one of those dollars has to be proven to be a valid, legitimate dollar, and that is very labor-intensive. It is not that banks and credit unions don’t want to get in and serve this industry — they do — but the roadblocks are real.”

Cannabis banker Sundie Seefried

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Headlines

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Cannabis industry slowly wooing banks

While most banks are still weary, some are finding ways to jump into the cannabis space.

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State expands cannabis education campaign

The new “Responsibility Grows Here” campaign targets youth, tourists and pregnant and breastfeeding women.

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‘Cannabis girl’ fights to operate cannabis gym

City of Wheat Ridge and Fit Cannabis Girl at odds over whether business is a gym or marijuana club.

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In The News

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Just Say Yes

The New York Times magazine highlights the small Colorado financial institutions that are trying to solve the legal marijuana industry’s banking problems.

Cannabis and women’s health

A new study shows women with children still living at home are the most likely demographic to use marijuana for health and wellness.

2017 marijuana sales break 2016 record

Colorado officials report marijuana sales for the first 11 months surpassed the $1.31 billion recorded during the entirety of 2016. But the once astronomical sales growth rates are beginning to hit a more realistic pace.

Colorado Speaker of the House Crisanta Duran and Colorado Leads members met this month to talk about ways the cannabis industry can expand on its partnerships with state and local leaders to educate the public about Colorado’s responsible marijuana regulations. Colorado’s rules and regulations have become a model for the nation.

Headlines

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Credit union resumes fight to service cannabis industry

The Fourth Corner Credit Union is back with a scaled-down strategy for serving the legal marijuana industry.

In Steamboat, it’s easy being green

With only three dispensaries in town, Steamboat Springs is set to surpass $10 million in marijuana sales this year.

What’s in a name?

What’s in a name? A lot of potential litigation as many popular bud names are tied to Star Wars and other protected works.

Medicine Man opens in Thornton

Four years after  the first legal sales of recreational cannabis in Colorado, Thornton gets a dispensary.