In an in-person lobbying blitz last week, more than 20 chief executives of top cannabis companies urged lawmakers in both parties to pass the SAFE Banking Act, a bill to allow them to work with U.S.
“There is certainly momentum building around trying to get something done this year in the Senate.
Because pot is still illegal at the federal level under current law, financial institutions could be hit with penalties for working with the companies and are thus reluctant to offer them loans or else typically charge them sky-high rates.
The legislation, sponsored by Rep.
“When you look at cannabis over the last 20 years, it started in California, then went to Colorado, and now it’s legal in 37 states medically and 18 states recreationally,” Maloof said.
The industry wants to include the bill in must-pass legislation such as an omnibus government funding package.
During those meetings, they also urged lawmakers to modify a section of the tax code that prevents marijuana businesses from taking tax deductions, a change that lawmakers are less likely to make.
“I can tell you, having been in the industry awhile, the momentum is very positive compared to a few years ago,” said Mike Gorenstein, executive chairman of the Cronos Group.