Politics
SAFE Banking dropped from Military spending bill
By
Alex Halperin
Dec 9, 2021
Dec 9, 2021
Share:

Banking reform got set back when the House of Representatives dropped it from a must-pass military spending bill. While industry group U.S. Cannabis Council supported passing the bill, it’s controversial among those focused on equity.
Chris Roberts explains in Forbes:
- “Advocates divide into two rough camps: [Some think] SAFE Banking is a social-equity measure that’s needed right now, [others argue] the Senate is making a huge mistake; SAFE Banking just helps big businesses and doesn’t guarantee access to capital for black and brown entrepreneurs anyway and is a half-measure at best.”
In a Marijuana Moment op-ed, Minority Cannabis Business Association president Kaliko Castille writes it’s safe banking or nothing.
- Now that it didn’t pass, he thinks any kind of reform could be years off.
Oakland equity activist and entrepreneur Amber Senter thinks that in this case nothing is the better option.
- “I felt like it [SAFE Banking] was being rushed,” she said in an interview. “The whole ‘well, it’s not perfect, but it’s something’ approach has never helped Black or Brown people.
- She also doubts big business would keep lobbying for legalization if banking reform passed. “They don’t want legalization,” she said. “They just want to make it easier on their bottom line, and legalization does not do that for them. Legalization invites competition.”
Despite the defeat, an Insider analyst argues banking reform has long-term momentum.
Share:
Already a Pro member? Login here
pro
Calif. lab execs allege rampant potency fraud
California cannabis retailers say only two things move product: high potency and low prices.With prices finding new lows and the state market in crisis, retailers are hungry for products with ever higher THC levels. This dynamic has led to a...
pro
Black-owned businesses feel the squeeze
In June, the chair of Oakland’s Cannabis Regulatory Commission sounded the alarm: California’s social equity businesses couldn’t survive in the current business climate. Amid heavy taxes and competition with the illegal market, Chaney Turner told lawmakers in Sacramento, “Only large...
pro
Dutchie’s payments play faces headwinds
Correction: This story originally misstated Lipson's title and the nature of Dutchie's e-commerce offering.Cannatech unicorn Dutchie has a new payments offering designed to secure its place at the center of dispensary tech stacks, and help it reach profitability. For that...