A Banking Bill Sponsored by Weed Is Facing Difficulties, but It Won’t Solve Everything.!

Hello, and thank you for visiting my updated research on the marijuana and hallucinogen markets. While last week’s headlines focused on the failure of a piece of banking legislation to pass in Washington, the New York City plan to transport pot by bike demonstrated that states are moving ahead nonetheless.

What, A Bank That’s Not Safe?

Yet Again, the Cannabis Sector Was Unsuccessful in Passing Banking Legislation Last Week, However So-Called Safe Banking Might Not Be the Silver Bullet Many Had Hoped For.

Though It Was Unattached from The Defense Budget Last Week, There Is Still a Slim Chance that It Will Be Added to An Omnibus Funding Plan Before the End of The Year. However, Many People Believe that Even if It Doesn’t, the End of The World Won’t Be Ushered in Because the Industry Is Already Well-Prepared for Such Scenarios and Has Discovered Ways to Adapt. There May Even Be Benefits to Keeping a Sector that Is Prone to Hype Leaner.

A Banking Bill Sponsored by Weed Is Facing Difficulties, but It Won't Solve Everything

If Safe Is Approved, Businesses Expect an Influx of Institutional Investors, Listings on Major Stock Markets, and A Reduction in Their Current Reliance on Large Amounts of Cash on Hand. However, They Have Already Developed Solutions to A Number of These Issues. at Ms. Have Become Increasingly Popular as A Means of Obtaining Cash as Fewer Stores Accept Credit Cards (and Are Now Adopting Other Alternatives, such as Cashless at Ms. Shut Down). Many State-Authorized Financial Institutions Have Found Success by Catering to The Cannabis Industry.

In Spite of This, the Law Was Seen as Symbolic by The Industry, and Perhaps an Indicator that Public Opinion in Washington Was Beginning to Change in Favor of Marijuana.

Founder of Cannabis Investment Fund Poseidon Asset Management Emily Paxhia Said, “i Think the Importance of Safe Lies More in The Signaling of What It Represents for Change at The Federal Level,” in Contrast to The More Substantive Legal Changes That Would Come if The United States Removed Marijuana from Its List of The Most Dangerous Drugs.

A Banking Bill Sponsored by Weed Is Facing Difficulties, but It Won't Solve Everything

The Most Conservative and Significant Institutions May Be Slow to Adopt the Industry Even if Safe Is Enacted, According to Rasul Raheem, Senior Attorney at The Detroit Office of Dykema Gossett.

If You Look Around, Raheem Predicts that Only Smaller Banks Will Set up Shop in The Neighborhood. He Warned that Financial Institutions Should Proceed with Caution to Prevent Criminals from Infiltrating the Banking System Because of Ongoing Drug-Cartel Activity in The Marijuana Industry.

It May Take a Year or More, According to Robert Di Pisa, Chair of Cole Schotz’s Cannabis Law Group, Before Major Banks Begin Serving the Business Following the Enactment of A Banking Bill. They Would Nevertheless Probably Charge Their Cannabis Consumers Exorbitant Rates to Cover the Costs of Complying with The Law.

Since Landlords’ Lenders Have Been Hesitant to Participate in The Marijuana Sector, He Stated that One of The Primary Difficulties Safe Banking Would Alleviate Is the Ability of Cannabis Entrepreneurs to Obtain Real Estate.

Landlords Who Are Unwilling to Switch to A Smaller Bank that Will Work with A Cannabis Client Are the Source of “so Many Transactions Dying and Falling Through,” According to Di Pisa.

If Safe Doesn’t Get Approved, There Could Be a Silver Lining, According to Vince Ning, Founder of Nabis, a Cannabis Distribution Platform in California. without A Windfall of Capital, Cannabis Businesses Will Have Little Choice Except to Address the Underlying Causes of Their Inefficiency.

A Banking Bill Sponsored by Weed Is Facing Difficulties, but It Won't Solve Everything

Ning Also Expressed Optimism that Other Governments Will Be Able to Avoid the Bubble Impact as New Entrants Flood the Market. Because of This Unexpected Surge in Demand, There Is Currently an Abundance of Raw flowers in California, Which Has Caused Wholesale Market Prices to Fall.

To Be as Ubiquitous as Possible, He Stated, “The Problem of Excess of Flower Now in California Mostly Occurs Because There Was a Lot of Capital Support to Create Infrastructure.” They Had to Make Use of California’s Enormous Production Potential. the Result Was a Glut in The Market.

The Weekly Number Is…14%

This Is the Projected Increase in 2021 for The Number of Drivers Who Tested Positive for Thc, as Reported by The American Automobile Association.
Weekly Quotable

Senate Republican Leader Mitch Mc Connell Made Headlines when He Joked that Attempts to Connect the Safe Banking Act to A Military Measure Were a “grab Bag of Various Pet Priorities,” Such as Making the Banking System More Receptive to The Funding of Illegal Substances.

Important Information

  • As the Cannabis Sector Began to Go Down, a Popular Banking System Alternative Became Inaccessible. After the News Broke, Some Businesses Rushed to Implement New Payment Methods for Marijuana Clients, Despite the fact that Cashless-Atm Systems Have Been at a $7 Billion Headache for Credit Card Firms and Banks for Almost a Year.
  • Hopes for The Safe Banking Act’s Passage Have Not Entirely Died, but They Have Dimmed Since the Law Was Removed from The Defense Spending Deal Earlier This Week. This Is the Worst Week for A Cannabis Etf Since March 2020.
  • After a Shaky Beginning for Brick-And-Mortar Stores, New York Took a Creative Turn by Allowing Marijuana Dealers to Use Bicycles and Scooters for Delivery.
    A Prisoner Exchange for The Infamous Arms Dealer Viktor Bout Resulted in The Release of American Basketball Player Brittney Griner, Who Was Detained in Russia with Hash Oil in Her Luggage. Many People Were Relieved While Some Were Worried About the Change.
  • According to A Recent Poll by The American Automobile Association, There Has Been an 11% Increase in Road Mortality as A Direct Result of Intoxicated Driving.
    Terr Ascend Asserts that Canopy Usa Has Consented to The Exchange of Convertible Debt for Common Shares and Warrants to Acquire Common Shares.
  • A Chilean Firm Is Raising Money to Establish the Country’s First Cannabis Farm and Lab, Where They Will Cultivate and Process the Plant’s Derivatives.

A Banking Bill Sponsored by Weed Is Facing Difficulties, but It Won't Solve Everything

Happenings on Thursday, December 15

  • Earnings for Enwave’s Fourth Quarter Are Released.

If You Know Someone Who Will Benefit from This Newsletter, Please Forward This Issue to Them. Request that They Register Here. and Do Get in Touch if You Have Any Inquiries, Suggestions, or News Tips.

Read More:

Chris Long, The Super Bowl Champion, Discusses His Cannabis Use, how He Evaded NFL Drug Tests, and The Eagles’ Current Success.!

Khalifa Kush, Wiz Khalifa’s Own Medical Marijuana Brand, Is Being Promoted While He Is in Town.

This “Sneaky” De Santis Power Grab Could Be the Worst One Yet.!

One More American Is Detained in Russia on Drug-Related Charges.!


Sheela Sharma

About Author

Sheela is a skilled and experienced writer with a deep passion for all things related to the CBD industry. She enjoys writing everything related to CBD and Marijuana. When she isn't writing she likes to watch tv series and listen to podcasts.

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