Lobbyists Double Ahead of Midterms: Will Safe Banking for Cannabis Companies Benefit? – High tide (NASDAQ:HITI)

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Members of the National Cannabis Industry Association (NCIA), the oldest and largest trade association serving the industry, spent two days lobbying on behalf of the Safe Banks Actthat would allow cannabis businesses to access traditional banking services, reported the Canadian Press.

“We now know that if SAFE were to run it would be a 65 to 70 vote,” said Aaron Smith, director general of the NCIA. “The NCIA fully supports comprehensive reform…but we know the votes are in for SAFE, so our goal is to get SAFE over the finish line.”

Canadian Co. weighs

Omar Khansenior vice president of corporate and public affairs for a Canadian cannabis retailer High tide inc. HITI HITIwas part of the delegation’s meeting with Senate and House representatives from both sides of the aisle.

“Based on these discussions, I am cautiously optimistic that some form of SAFE could pass during the lame session of Congress in November,” Khan said, adding that social equity discussions were underway, acknowledging that the prohibition of cannabis had disproportionately affected people. color in the United States

Khan also said “plant-touching” deals to be listed on US stock exchanges would allow a Nasdaq-listed retailer like High Tide “to move into the physical retail space in the United States.” without risking its quotation.

Is the SAFE bank around the corner?

cowen analyst Jaret Seiberg said Thursday that the House and Senate are working on a cannabis package based on the SAFE Banking measure to speed up financial transactions. Seiberg remains cautiously optimistic that Congress may pass the cannabis banking bill after the election.

“If Democrats manage to sweep the House and Senate in November, it’s likely that party progressives will push for a broader bill… [it is] it is also possible that an unexpected macro crisis could push cannabis out of the legislative landscape,” reported Market watch.

Senator Jeff Merkleya sponsor of the SAFE Act, discussed the “SAFE Banking Plus” bill at the Payments, Banking, and Compliance conference (PBC) Conference in September.

It “is nearing completion after bicameral and bipartisan talks”, he said.

“It’s time to close the deal in SECURE Bank PlusMerkley said, according to Business Insider reporter Jeremey Berke. “No one has ever paid a political price to support cannabis in this country.”

The SAFE Banking Act has been passed seven times in the House but has not moved in the Senate.

picture by Capstone Events on Unsplash.

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