Ten Reasons To Be Bullish On SAFE Banking (Op-Ed)
Don Murphy of the Marijuana Leadership Campaign explores ten reasons to be bullish on the SAFE Banking Act for Marijuana Moment.
“When Congress bucks conventional wisdom and shakes the cannabis world, you shouldn’t be surprised. You can take it to the bank,” writes Murphy.
The industry has been long awaiting the passage of the SAFE Banking Act, which would enable cannabis businesses to have access to traditional financial services. Some of the top ten reasons to be bullish on the SAFE Banking Act passing this year, according to Murphy, include:
- The new version of the SAFE Act is filibuster proof.
- Of the seven veteran Republicans now on the Rules Committee, four voted FOR SAFE Banking.
- Rep. Dave Joyce (R-OH), GOP co-chair of the House Cannabis Caucus, will be the lead sponsor of SAFE after the retirement of Perlmutter.
- The election of Sen. John Fetterman (D-PA), a vocal and unapologetic advocate for legalization.
Virginia Republicans move to defund state cannabis regulator
Republican lawmakers in Virginia want to cut nearly 70% of the Cannabis Control Authority’s budget, reports MJ Biz Daily, emphasizing that the move creates further uncertainty for the state’s nascent legal cannabis industry.
Under a state spending plan proposed by Virginia’s House Republicans, the budget for the Cannabis Control Authority (CCA) would be slashed by $13.4 million over two years, with observers suggesting that the proposed defunding is part of a pattern of Virginia Republicans trying to undermine legal cannabis in the state.
The publication reports that, meanwhile, the Democrat-controlled state Senate’s budget proposal earmarks an additional $6 million for the CCA’s implementation of a regulatory structure for Virginia’s adult-use industry.
Juicy Fields ‘splinter group’ claims to be raising new funds to refund victims, but investors warned not to share details
Following the Juicy Fields alleged scam that saw investors lose money, a new Decentralised Autonomous Organisation (DAO) has been established which has allegedly seen €367,014 reimbursed to 56 investors.
BusinessCann reports that the Asociación Afectados Inversiones CBD, an organization representing 1,050 victims in a class action lawsuit in Spain, has advised investors considering signing up to the new refund scheme to ‘never believe the scammers’.
The Juicfy Fields representatives have now replied for the first time to BusinessCann’s questions.
When asked how they expect anyone to put their trust in them or the business given the events of 2022, the group said: “The business model can be profitable and reach a whole new level, with responsible performers. A lot of mistakes on the part of subcontractors also played a role and delayed the recovery. We still have warehouses with dried flowers with no buyer. This part should have been done by partners, inclusive of the Graf team, as the gateway to the German market.”
Position your brand in front of a European cannabis industry audience
Cannabis Europa is returning on 2-3 May this year at the Barbican Centre in London, UK, and it will be the biggest and most ambitious event to date – delivering cutting-edge knowledge and networking opportunities, paramount to driving growth across the sector. We want you to be a part of it.
We will once again be holding a boutique industry exhibition, showcasing up to 50 leading businesses, providing an even stronger platform for networking and business development, enabling business growth in Europe and beyond.
If you are interested in exhibiting with us, request a media pack with exhibition floor plan and more information on exhibition booths available here.