Most people missed the biggest news about cannabis reform…

I’ve been writing all year about the big momentum shift for cannabis reform in the government. The House of Representatives has made good progress on bills to ease banking restrictions, increase protection for cannabis producers operating by the laws of their states, and much more.

And it’s true that these were all major steps. This is the most the House has ever done for cannabis, so it’s nice to see how far along the industry has progressed.

But I’ve also been tempering my expectations because I was concerned about the Senate.

The Senate is where bills – good and bad – go to die.

In particular, the Senate cannot pass a bill in most instances unless the chairperson of the committee in charge of that bill allows it.

The committee chair can simply not schedule hearings, and under Senate rules, there isn’t much anyone can do about it.

All of that changes today…

The Real Story About Cannabis and Banking

The Senate Committee on Banking, Housing and Urban Affairs is scheduled to have a hearing on the SAFE Banking Act today.

Speaking at that hearing is Sen. Cory Gardner (R-CO) and Sen. Jeff Merkley (D-OR). Both are solidly in favor of legalizing cannabis. The committee will also hear from pro-cannabis voices in the banking industry, a dispensary operator, and an opponent of widespread legalization.

It looks like it was designed to be a friendly event, and it will be interesting to hear comments from the senators on the committee. Those comments are what will make the news tomorrow in the major outlets.

But none of that will be the big news.

That’s because the most important thing out of all of this has already happened.

The big news is the meeting itself. The Chair of the Senate Committee of Banking, Housing, and Urban Affairs is Mike Crapo (R-ID). He’s one of the biggest opponents of cannabis legalization, and Idaho remains one of the strictest states regarding cannabis.

You can make tens of thousands from the cannabis market – every week – just by doing this. Find more details here.

If Crapo wanted to kill this bill, he could have used the trick I described above; simply not scheduling a hearing. The bill would have died a quiet death, and no one would even have questioned it.

It would have been just another bill that didn’t have enough support from leadership to get it passed.

Now, there are no guarantees here. The cannabis testimony he hears from advocates is likely to be compelling, but I don’t think Crapo suddenly became a fan of marijuana.

He could still kill the bill.

But again, the fact that he is willing to have a public airing of the merits of the bill indicates that his resistance to cannabis legalization may not be what it once was.

For a banking bill especially, it makes sense that even a cannabis opponent would make an exception and support a bill.

Someone who opposes cannabis legalization can still see the benefits of being able to track the cash from the business through the banking system. The industry-friendly slate of speakers may be a tipoff that Senator Crapo is coming around to that view.

My view on passing pro-cannabis legislation on the national level was cautiously optimistic.

Now it’s full-on optimistic. We could be seeing a new law that ushers in a massive boom for the cannabis industry, and I wanted to remind you that my colleague, Tom Gentile, has a unique way to cash in.

Speaking of cannabis profits, I also want to remind you of a report I released about the three ways to get in on cannabis globalization.

Greg Miller

Executive Director, National Institute for Cannabis Investors

P.S. The CBD market has exploded virtually overnight. Thanks to news of its application for chronic pain, seizures, anxiety, and more – experts predict the market to grow more than 15 times faster than the overall cannabis industry. They’re even predicting CBD sales to jump 3,622% in the next three years alone. With this kind of growth, investors would be crazy not to consider this market. That’s why we’ve identified two CBD companies with massive profit potential… and you can find all the details here.


Comments

14 responses to “The Real Story About Cannabis Banking and Legalization”

  1. Yes, as I have mentioned previously I have my “Medical Marijuana” card from the State of Florida.
    It is my opinion that Florida should recognize any and all legal/proper “Medical Marijuana” cards universally!!
    After all Florida has the #1 tourist destination in the WORLD!!

  2. We don’t need the BANKING system. Private investment is the key. The banking system puts restrictions on lending. We also do not need Federal involvement in this industry. Federal involvement puts restrictions on the industry as well. Federalizing cannabis, puts the industry under federal mandates (ie FDA). Do we really want Federalization of Cannabis? Let the States decide.

  3. Greg,
    Thank you so much for all the information and advice that you provide us! You are doing an amazing job!!
    I have a comment on this story….now call me naive or uneducated, but the fact that “the Senate cannot pass a bill in most instances unless the chairperson of the committee in charge of that bill allows it” is just downright scary…how is it possible in a democracy that the chairperson would have that much power to single-handedly kill a bill, especially when the majority wants pro-cannabis legislation?!

  4. I logged in…… I logged out to search google etc.. logged in and bought the Cannabis Power system as offered. I am 91 and will need guidance and your
    full support.
    I have not received any e-mail to confirm my purchase, but noticed that the
    purchase was recorded in my credit card account.
    Will I receive information on how to get started?

  5. I have a question. If the feds hasn’t legalize cannabis yet, then where are all the federal taxes that has been paid going? If federal banks cannot accept cannabis revenue, then how are the feds collecting federal taxes?

  6. This is really a good question from Raymond E Milier.
    One I’m sure many of us have. I know I would sure like to hear the answer. Would really be nice to get one from the IRS explaining how it is even legal for the Feds to allowed to place a tax on what they say is illegal. 
    For States that have legalized it, I can understand a State tax being required. But sure want to understand how the Federal Government, who says it is illegal, would  on the other hand say Federal tax’s are owed . Guess they want us to think its OK for them to tax  illegal money (which means they are also earning illegal money) I’m sure that is why they have left it up to  the States to decide if they would legalize  it. That way they would tax it  yet think they were clean in doing so lol
    Gosh  this is funny to even think about. Not to mention how  the Government must think  We the people wouldn’t notice or expect a answer.  REALLY ?????? 

    • Masoncwgrl. You only need to look back at history and how Al Capone went to prison. He was arrested by the Tax Department for not declaring tax on his illegal enterprizes. Under US law it doesn’t matter how you make your money, you have to pay taxes on it. Drug dealers for years have been paying taxes on their illegal enterprises and don’t get in trouble because it’s a “no questions asked” kind of thing. You could be making your money from gambling, or whatever. The government only cares that you pay your taxes.

  7. Mr. Wells comment deserves a response since some readers thought it made sense. I’ll give it a try. Right now cannabis is a Schedule 1 drug — it is illegal under federal law. It is also illegal under federal law for banks and other financial institutions to offer loans and other services for illegal activities. This greatly restricts the capital available to invest in growing, distributing, and selling cannabis and inhibits growth of the industry. Since federal laws exist around the illegality of cannabis, new federal laws are needed to change them. That’s how it works. This is not “federalization” of cannabis. That sounds like the federal government would own the industry and control all aspects of production, distribution, and sales. Nothing of the sort is contemplated. Industries like the alcohol and airlines industries are a good example. Due to the interstate nature of the businesses, there are laws and regulations that exist that provide for public health and safety but the industries are not “federalized” and flourish within those regulations.

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