Cannabis News & Events
U.S. House Approves Bill to Ease Banking for Cannabis Companies
The U.S. House of Representatives late Tuesday night approved a bill that would let banks to do business with cannabis companies without fear of penalty, giving traction to the least-disputed reform sought by the growing industry.
The SAFE Banking Act would be a boon for marijuana companies, which have so-far been stymied by the necessity to deal in cash because of federal restrictions.
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I believe this Bill can potentially be a double edged sword for our indutry. On the one hand, it mainstreams investor security leading to an influx of new cannabis money. New faces that were skeptical to jump in before will now buy cannabis stocks. Tus leading to new infastructure development as wel as tax dollars through the creation of more companies which buy more licenses and lease or purchase new real estate. This trickle dow economic boom wll also aid in a vast range of job growth opportunities allowing for a huge gain in GDP which would help offset some damage done by the pandemic.
the opposing perspective looks into the collusion and corruption that can run rampent in the financial sector with major banks investment firms hike up fees and taxes to do business in their arena and look to invest major capital in the industry they did not fight to work in. These behemoths will crush the small legacy growers and mom and pop companies that fought, bled and built this entire indutry. They took the risk of dealing in only cash for decades and now will be pushed out by big broher to rake in billions in proft while pioneers get in line for job at one the conglomorate cannabis companies.
20 billion dollars in sales last year !? That's a remarkably efficient number for any 'economy'. This Act (if fully passed) is the beginning of creating a safer and free-flowing architecture of commerce. I can only hope that the liaisons between the Too Big To Fail and related government parties find common ground for this herb. It is a sure bet to enhance the GDP or any measure of growth that we're always looking for. I don't know about the political undermining and collusion that the hearsay loves to talk about, but widespread acceptance of these compounds would most objectively increase any financial mission, several times over; it is in the very early stages of growth and competition could be fun for the banking industry for a long time before any newer protocols were put in place. Let's stop here before a digression begins. #sincerely
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