SENATE HEARS CASE FOR BANK ACCESS
Sen. Sherrod Brown (D-Ohio) said, lack of bank access and getting paid in cash makes industry workers vulnerable to robberies and “shady outfits like payday lenders and check cashing services that charge high fees and interest rates.”
Sen. Cory Gardner (R-Colo.) saiudadded, “It’s the states that are leading on this issue, and the federal government has failed to respond. It has closed its eyes and plugged its ears and pretended and hoped the issue will just go away.”
- Sen. Sherrod Brown (D-Ohio) said lack of bank access and getting paid in cash makes industry workers vulnerable to robberies and “shady outfits like payday lenders and check cashing services that charge high fees and interest rates.”
- Garth Van Meter of anti legalization group Smart Approaches to Marijuana said, “By skipping ahead to a technicality over banking rules, the marijuana industry is hoping to gain many of the benefits of federal legalization, without a debate over the public health effects.”
- Cannabis Wire found banks, insurers, cannabis companies and other groups lobbying for the bill or related bills.
It’s unclear if or when the bill will come up for a vote. Committee chairman Sen. Mike Crapo (R-Id.), the only Republican committee member to attend the hearing, didn’tcommit his support to the proposed legislation.
Idaho Press
- In the meantime, boutique U.S.-based investment banks like Ello Capital are focussed on cannabis deals.
Financial Post - And California lawmakers could soon vote on S 51, a bill to bank cannabis businesses in the state.
Insurance Journal
Quick Hit
- A pilot in Arizona will allow customers to pay for MED with “digital tokens” instead of cash. An Arizona company called ALTA designed the program.
Tucson.com
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