Cannabis News of Note for the Week:
Marijuana Moment: Trade Group Offers Guidance To Marijuana Businesses On How To Find Banking Services Amid Federal Prohibition (also featured in the 12/6 newsletter)
Cannabis Business Times: CFIG Releases Business Guide for Cannabis Banking Options
MMJ Daily: Guide released to help cannabis businesses better assess cannabis banking options
Cannabis Wire (12/6): Cannabis Financial Industry Group releases guide on cannabis banking (paywalled newsletter, text below)
Politico Pro Cannabis (12/4): Daines: No Banking Bill in 2023 (paywalled newsletter, text below)
Politico Pro Cannabis (12/8): Warnock Swings and Whiffs (paywalled newsletter, text below)
Marijuana Moment: Republican Congressman Files New Bill To End Marijuana Prohibition In Legal States
Cannabis Wire (12/6) Industry moves
• Cannabis Financial Industry Group releases guide on cannabis banking.
CFIG released a guide aimed at state-legal cannabis businesses to “understand the importance of engaging with a financial institution with a strong cannabis banking program to keep their accounts safe and sound.”
Politico Pro Cannabis (12/4): DAINES: NO BANKING BILL IN 2023
This may not come as a shock, but for anyone hoping the cannabis banking bill could get tacked on to something in the Senate in 2023, Sen. Steve Daines (R-Mont.) recently laid that to rest.
“I don’t think it’s gonna happen this year,” Daines told Natalie on Thursday, adding that the Senate has a lot on its plate right now — including the National Defense Authorization Act and appropriations legislation.
The Montana senator, a key Republican co-sponsor of the bill, did say that lawmakers are still “working to get the House and the Senate bills aligned” at the moment.
Politico Pro Cannabis (12/8): WARNOCK SWINGS AND WHIFFS
Sen. Raphael Warnock (D-Ga.) appeared ready to skewer the CEOs of some of America’s largest banks during a committee hearing on Wednesday, but their response to a question he lobbed about the cannabis banking bill seemingly caught him off guard.
At the hearing before the Senate Banking Committee, Warnock asked the panel of eight bank CEOs to raise their hand if they support the SAFER Banking Act. At first, all eight sat with their hands down. After a moment, Bank of America CEO Brian Thomas Moynihan raised his hand momentarily, while J.P. Morgan Chase CEO Jamie Dimon enigmatically held his hands out and shook his head.
“Senator, we all support the intent of it – the issue is it doesn’t fix the problem,” Moynihan explained.
Warnock then asked if they thought the SAFER Banking Act would reduce the racial wealth gap, and both Moynihan and Dimon again both shook their heads and gave a shrug-like wave with their hands — while the rest remained still.
“This is interesting,” Warnock replied. “We should have some conversation about this.”
Warnock went on to ask the bank CEOs to voice support for standards to increase equity in the SAFER Banking Act. They all responded that they supported the intent, but many — including Dimon — pointed out they would want to see specific language before committing their support.
As POLITICO has reported before, the nation’s biggest banks are unlikely to start banking the cannabis industry even if the cannabis banking bill passes. Midsize and smaller banks and credit unions have always been the strongest backers of the legislation.
Warnock’s office did not return a request for comment.