Cannabis banking regulations will have to be patient.
An expected change to enable high-THC marijuana operators to access financing services isn’t featured in the $900B COVID19 relief reform despite its inclusion in the original United States House relief bill. The 5,593-page bill is yet to be approved by the president.
However, according to David Mangone(The Liaison Group’s policy director), the marijuana banking legislation can still be included in the relief in case there’s an initiative for extra coronavirus relief after Joe Biden(President-elect) takes office in January 2021.
The banking reform would enable financial firms to offer conventional banking services to federally legalized cannabis enterprises without fear of the state’s punitive measures.
The aspects of those reforms, which were strongly approved by the United States House in 2019, could also brighten during the next management under a different Senate banking administration.
That will depend on whether Republicans will continue controlling the Senate.
The new administration of America’s Senate Banking Caucus could inject new life into the stagnant marijuana financing reform- regardless of whether Republicans maintain the authority of the Upper House when the new Congress meets in January.
In case Democrats thrive in Georgia’s upcoming two runoffs in January, then marijuana financing policy changes would be more imminent.
The COVID-19 relief regulation entails recommendations that would likely improve marijuana sales. They include;
- $600 relief checks to U.S citizens who received an income of not more than $75,000 in the previous tax year. Families will also be awarded USD600 for every child
- A USD300-per-week unemployed merit supplement up to mid-March.
Included deep in America’s House Democrats’ $2.2 trillion COVID-19 relief package is a critical proposal that’ll impress marijuana businesses: the SAFE (Secure and Fair Enforcement Banking) Act.
NORML stated that the key provisions of the recommended law were featured in the Democrats’ reform. The provision would aid marijuana businesses to get access to financing services.