Cannabis banking reform 'closer than ever', DC insiders tell Benzinga conference: Cannabis ETF Heading Up Tuesday
former US senator corey gardner Several ranking congressional members intend to link the SAFER Banking Act to the federally passed Federal Aviation Administration reauthorization, he told a panel on the first day of the Benzinga Cannabis Capital Conference in Florida.
“It may not be pretty but it will get the job done,” the Colorado Republican said at the Benzinga conference.
During the same panel, former U.S. Rep. ed perlmutter Hinting at impending regulatory changes that could benefit the cannabis industry, he said: “The DEA will help with 280E, etc., and hopefully we'll see a decision this week or sooner.”
Shares of Cannabis-Focused ETFs AdvisorShares Pure US Cannabis ETF (NYSE:MSOS), jumped Tuesday afternoon in what may be a reaction to comments made at a Benzinga conference.
What happened: House Financial Services Chairman patrick mchenry (R-N.C.) and U.S. Rep. maxine waters (D-CAO) recently met with the Senate Majority Leader chuck schumer (D-NY) to discuss stablecoin legislation, and also brought up the idea of adding cannabis banking legislation to the upcoming FAA reauthorization bill.
Gardner stressed the critical importance of growing bipartisan support for safer banking.
“We have to prove to Senator Schumer and Senator McConnell that we've got the votes on our ability to get this done.”
FAA reauthorization and other legislation would spur negotiations, Gardner said: “Once we get that level of support, I'm confident we're there.” Change comes slowly, he said, and cannabis is a “huge boost” in Washington, DC.
How close are we to cannabis banking reform?
Gardner shared an anecdote from his early days in DC when he was told that major pieces of legislation take an average of 10 years to pass.
“But here's the good news…we're in the 10th year,” he said.
Former US Representative. ed perlmutterThe Colorado Republican, who has been at the forefront of cannabis banking reform since introducing the SAFE Banking Act in 2013, responded to the panel moderator safira ghaloub of National Cannabis RoundtableWho asked how close we are to seeing banking reform.
“We are closer than ever,” said Perlmutter, who referenced the September 2023 approval by the Senate Banking Committee of the SAFER Banking Act, which has been in the works for nearly a decade.
“This is a major piece of legislation and on two tracks – redistricting and legislation – we are much further along than we were in 50 years. That doesn't mean our work is done, we have a lot of work to do, but We are on the brink,” he said.
Lauren Niehaus, Trulieve “When we meet with our members of Congress, we think we're the most important issue in the room, but they have hundreds of thousands of issues that they're dealing with,” said the director of government relations at the U.S. Securities and Exchange Commission (OTCQX:TCNNF). So it's an uphill battle and it's tough, but that doesn't mean we're not getting there.”
john sullivanExecutive Vice President of Cresco Labs (OTCQX:CRLBF) said that although it can take 11 years for a law to be passed, a lot has changed in the last three years. He cited the President Joe Biden As a “reluctant cannabis person”.
“But we all know that hemp wins on merits,” Sullivan said. “There is no doubt that cannabis is beneficial to society overall. It helps people suffering from all kinds of diseases, it helps people relax, and for 5,000 years this plant has not killed anyone. So we need to keep talking to our legislators about this.”
Xavier Hasse contributed to this report.
Former U.S. Senator Cory Gardner, center, former U.S. Representative Ed Perlmutter, left, and Cresco Labs Executive Vice President John Sullivan, right, at the Benzinga Cannabis Capital Conference on April 16, 2024 in Hollywood, Florida. Photo by Quentin Dupree.
