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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:

Guv’ners

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Our current governor continues to tout the benefits of a legal, regulated cannabis industry

Gov. Polis appeared on CNBC recently talking up the economic contributions of legalized marijuana, notably “nearly $50 million on marijuana sales in just 2 months in April and May.” Check out his full appearance here »

While the former governor – who is running for president –has “evolved slowly” on the issue.

Hickenlooper is not an advocate for marijuana use, saying that “he sometimes wonders if his own past marijuana use could have impaired his memory.”

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But he was also criticized for “revisionist history” when he took credit for cannabis legalization during the debates last week. 

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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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Ouch . . . Again

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Presidential hopeful John Hickenlooper blasted for what some call cannabis revisionist history. 

A fundraising appeal from the former two-term governor appeared as though he were taking credit for the state’s legalization of marijuana in 2014 as well as some of the incremental changes that preceded the full-on legalization.

“While I was Governor, Colorado became the first state to legalize marijuana. And we worked to address the social and racial inequities that plague marijuana sentencing,” one of the images from the post said.

“This seems like an egregious revision of history to claim you were at all progressive on social justice issues related to cannabis,” tweeted Jake Browne, a former marijuana critic for the Denver Post.

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From “I didn’t inhale” to “legalize it!”

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The majority of 2020 Dem candidates are making legalization and the cannabis industry a part of their platform to some degree.

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AND that’s a wrap…

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After what seemed like an eternity, the Colorado legislature closed out its 2019 session last week. There were 15 bills related to cannabis and hemp and thirteen passed. Only one has been signed into law by Gov. Jared Polis, but the others are expected to be signed in the near future. 

The highlights include bills: 

  1. Adding autism spectrum disorders to the list of disabling medical conditions for medical marijuana use. Signed into law. More »
  2. Allowing greater investment flexibility in marijuana businesses.  More »
  3. Permitting delivery of regulated marijuana by regulated marijuana sellers.   More »
  4. Legalizing consumption of cannabis in designated marijuana hospitality establishments. More »
  5. Allowing  physicians to prescribe opioids to the list of disabling medical conditions for medical marijuana use. More »
  6. Two separate measures that extend and update the state’s medical and retail marijuana codes. More »

Hickenlooper on cannabis

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The latest on where former Colorado governor and current Presidential hopeful John Hickenlooper stands on cannabis. 

Click Here »

Headlines

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Polis underscores support for cannabis initiatives with inaugural program

The new Colorado governor had his ceremonial schedule printed on hemp paper.

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Julian Castro supports state’s rights on cannabis

Presidential candidates says “growing evidence from Colorado and other states suggests we can sensibly legalize marijuana use with reasonable controls in place. State voters should have that power.”

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New Congress, new cannabis caucus

With Gov. Jared Polis’s departure from Congress, the caucus will be led by Rep. Earl Blumenauer, D-Oregon,  Rep. Barbara Lee, D-California, Rep. Dave Joyce, R-Ohio, and Rep. Don Young, R-Arkansas.

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Legal cannabis five years later

Retail cannabis sales are booming in Colorado, and so are the state coffers. But much of the bad predicted to accompany legal sales have not materialized. Alternet looks at five impacts the industry has had in Colorado.

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Yes, we’re in Colorado but “Florida Man” news is always entertaining 

A Florida man is in jail for trying to pay for his food at a McDonald’s drive-thru with a bag of marijuana.

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With Sessions out, industry exhales collective sigh of relief

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The departure of Attorney General Jeff Sessions has sent cannabis stocks rising and calmed states an industry on edge from his tough anti-marijuana rhetoric. While acting Attorney General Matthew Whitaker hasn’t taken a stand on the issue, marijuana advocates are hopeful they have  escaped the toughest scrutiny.

LA Times Article »

Jared Polis not only expressed support for the marijuana industry in his successful bid for Colorado governor, he made it part of his strategy to win.

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How Jared Polis won»

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Legal marijuana wins big in other states….

The growing public support for legal marijuana was evident at the polls this month as Michigan became the 10th state to legalize adult use and sales. Voters in Missouri and Utah approved the legal use of medical cannabis. And more than a  than a half dozen states elected governors who support legal cannabis.

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That’s good news for Colorado companies like Colorado Leads member Wana Brands, which expects to be in six additional states next year.

Read the KDVR story »