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Schumer is still committed to cannabis banking reform


Schumer is still committed to cannabis banking reform

The House sponsor of the Secure and Fair Enforcement (SAFE) Banking Act, Rep. Ed Perlmutter, says he recently spoke with Senate Majority Leader Chuck Schumer (D-NY) at an event at the White House and discussed the need to enact the bipartisan reform this session. 

The lack of banking services for cannabis businesses means many have to deal in large quantities of cash which has caused problems such as robberies. 

“If we allow legal [marijuana] businesses to have legal banking services, it only makes sense and it helps us in a public safety way, so people don’t get killed—so that somebody in a dispensary isn’t held up and shot,” the congressman said. 

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Canada is set to launch a cannabis law review as the industry calls for ‘critical action’

The Canadian government is set to unveil the first steps for the long-delayed review of its cannabis legislation, Health Canada announced Wednesday. The review is required to look at the impact of legalization on the health and consumption habits of young people as well as the impact of cannabis on Indigenous persons and communities. 

Canopy Growth Corp.’s head of government and stakeholder relations, Sean Webster, said, “critical actions are needed to address shortcomings in the cannabis regulatory framework” for the legal cannabis industry to survive.”


Optimism and uncertainty around Europe’s biggest new market

While market optimism was apparent among sources Benzinga spoke with, so was uncertainty around legalization’s actual timeline in Germany. 

Benzinga explains that undetermined regulations aren’t the only potential stumbling block. Various concerns, including an incomplete market infrastructure, product supply worries and factors outside the market’s control, leave some feeling that the regulatory complexities will take longer to sort out than anticipated.

 However, optimism remains: “The European cannabis industry will light up like a wild bush fire once Germany lays out the rules,” predicts Michael Sassano, CEO of Somai Pharmaceuticals.


A round up of the latest developments in the European cannabis industry

BusinessCann explores the latest developments in the European cannabis industry. 

Concerns the creation of an adult-use cannabis market will contravene international law have been dismissed by senior members of the German Government. Carmen Wegge and Dirk Heidenblut; two German Bundestag members from the SPD party – part of the ruling Traffic Light Coalition – tackled this issue, saying: ‘We are very sure … we will find a legal solution’. And ‘it will not affect the timeline’. 

Meanwhile, representatives from the Bundestag have visited California and Canada to learn lessons on how to implement cannabis reform.

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