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American bankers association calls for ‘swift passage’ of marijuana banking bill ahead of senate committee hearing

American bankers association calls for ‘swift passage’ of marijuana banking bill ahead of senate committee hearing

Marijuana Moment reports that The American Bankers Association (ABA) is renewing its call for the passage of the Secure and Fair Enforcement (SAFE) Banking Act that was refiled last month.

The bill, which would allow banks to handle proceeds from state-licensed cannabis businesses and the ancillary businesses as well as accept deposits from and make loans to employees of those businesses, is desperately needed, the organization said, with many cannabis businesses unable to access traditional financial services.

The ABA stated: “Federal law currently prevents banks from banking cannabis businesses and these ancillary businesses, without fear of federal sanctions.

“As a result, this industry is operating primarily in cash, which is not only a public safety risk, but also undermines the ability for regulators, tax collectors, and law enforcement to monitor the industry effectively.”

Reparations for Black Americans impacted by war on drugs recommended by California task force

California’s Task Force to Study and Develop Reparation Proposals for African Americans has recommended USD$228 billion in reparations for those affected by the war on drugs, reports Benzinga.

The Task Force suggests:

  • Compensation for community harms can be provided as uniform payments based on an eligible recipient’s duration of residence in California during the defined period of harm.
  • African American residents in California incarcerated for possession or distribution of substances now legal, such as cannabis, should seek particular compensation.
  • Measures such as affirmative action, abolition of the death penalty, restoring voting rights for the incarcerated, free college tuition for those eligible for reparations and universal healthcare.

Details emerge about Germany’s ultra-regulated recreational cannabis clubs

After Germany announced last year that it would be legalizing cannabis for recreational use, MJ Biz Daily reports that the German government is preparing a draft law that would highly regulate so-called cannabis clubs.

The publication highlights that the cannabis clubs, which could be up and running as early as later this year, would be associations that would not produce profits – potentially leaving very little room for making money for even ancillary businesses.

Regulation could include:

  • Limiting cannabis distribution only to association members and up to only a maximum of 50 grams per month per person.
  • Consumers 18 to 21 years old would face a lower monthly limit in addition to a potency restriction.
  • “Neutral” packaging and no “consumption incentives” for young people.
  • Consumption on the site of the associations would be banned.

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