Banking for the Cannabis Industry Being Addressed in Congress!

Banking for the Cannabis Industry Being Addressed in Congress!

A long-standing challenge to our industry has been the non-availability of traditional banking. There are a few innovative Banks that have led the way, but not without substantial cost, charging fees that average 2% of monthly deposits. And as there are precious few of these facilities available, logistics and transportation of cash become additional issues. With the amount of money at stake, the Banking industry has finally decided to look for change. The Cannabis Trade Federation was once again asked to give testimony and lobby on behalf of the Cannabis Industry at another recent congressional hearing:

For the second time this month, the Cannabis Trade Federation will be representing the cannabis industry in Congress! This time, the chair of CTF’s Board of Directors — John Lord, CEO of LivWell Enlightened Health — has been invited to testify before the U.S. Senate Banking Committee.

With momentum building behind the SAFE Banking Act (H.R.1595 / S.1200), Chairman Mike Crapo (R-ID) will be holding a hearing titled, “Challenges for Cannabis and Banking: Outside Perspectives,” on Tuesday, July 23, at 10:00 a.m. ET. The purpose of the hearing is to solicit testimony from a variety of stakeholders, including bank and credit union officials. John’s testimony will focus on his experience as the operator of a vertically-integrated cannabis company in Colorado, which has grown from a single store and cultivation facility in 2010 to more than 650 employees and roughly $100 million in annual revenue today.

It was just one week ago that I testified before the U.S. House Judiciary Committee, during a hearing focused broadly on the need for reform of cannabis laws at the federal level. It is quite an honor for CTF to be selected to testify at a congressional hearing. It is even more impressive — and a testament to the commitment of our board and the work of our staff and lobbyists — to be selected to do so twice, especially in such a short amount of time.

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