US Senate Banking Committee Schedules Hearing on Cannabis and Banking

The US Senate Banking Committee will hold a hearing to discuss the emerging legal cannabis industry and the challenges with banking.

In the US, legalization of Cannabis, whether it is for medical or recreational use, has been a slapdash state by state affair. Federal legalization appears to be a long way off thus creating a challenging legal conflict. Perhaps the most visible issue is the fact that banks are regulated federally, as well as by each individual state. Banks are hesitant to provide services to state-legal businesses because they may be in breach of federal law.

The Senate Banking Committee hearing, entitled “Challenges for Cannabis and Banking: Outside Perspectives,”  will include a long list of witnesses.

According to the Committee memo, the following witnesses will be participating in the hearing:

Panel I:

  • The Honorable Cory Gardner, United States Senator, Colorado
  • The Honorable Jeff Merkley, United States Senator, Oregon.

Panel II:

  • Ms. Rachel Pross, Chief Risk Officer, Maps Credit Union
  • Ms. Joanne Sherwood, President and CEO, Citywide Banks
  • Mr. Garth Van Meter, Vice President of Government Affairs, Smart Approaches to Marijuana
  • Mr. John Lord, CEO and Owner, LivWell Enlightened Health.

The hearing on Cannabis comes at a time when legislation which will address this issue is meandering its way through Congress.

The SAFE Banking Act of 2019 (H.R.1595) has received dozens of sponsors, both Republican and Democrat, in the House of Representatives.

Now is time for the US Senate to share its perspective.

The Hearing will take place on Tuesday, July 23, 2019, at 10:00 AM ET. The proceedings will be live-streamed on the Committee website.

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