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Safe Banking Act included in new bill :
Bipartisan Lawmakers File Marijuana Banking Amendment To Must-Pass Defense Bill In Latest Reform Push
June 30, 2022
The House sponsor of a bipartisan marijuana banking reform bill isn’t giving up the fight to get the Secure and Fair Enforcement (SAFE) Banking Act enacted this year, introducing an amendment to a must-pass defense bill on Thursday that would incorporate the reform.
Rep. Ed Perlmutter (D-CO) filed the amendment to the Fiscal Year 2023 National Defense Authorization Act (NDAA). This marks the second year in a row that the congressman has pursued the cannabis banking policy change through the large-scale annual defense legislation.
The House included the SAFE Banking Act in its version of that bill last year, but could not reach an agreement with the Senate to enact it as part of the final package. The House Armed Services Committee marked up the 2023 version of NDAA last week, and now the marijuana language is again being offered as an amendment. The House Rules Committee will decide which submitted amendments can be cleared for floor consideration at an upcoming meeting that has not yet been scheduled.
For those who’ve been following Perlmutter and the banking bill, this doesn’t come as an especially big surprise. He’s been adamant about getting the reform across the finish line through any possible legislative vehicle. This latest development comes after congressional leadership agreed to exclude the SAFE Banking Act from a large-scale manufacturing bill known as the America COMPETES Act that’s moving through bicameral conference.
“As I’ve repeatedly said, I will pursue any and all legislative avenues to get SAFE Banking across the finish line this year,” Perlmutter said in a press release on Thursday. “We have a critical window of opportunity between now and the end of the year to enact common sense cannabis reforms starting with access to the banking system. Continued inaction on this issue is dangerous and neglectful, and continues to put communities, businesses, employees and patients at risk across this country.”
The House Armed Services Committee approved two separate amendments to NDAA last week that deal with marijuana-related issues in the armed services.
The first, from Rep. Anthony Brown (D-MD), concerns cannabis sentencing standards under military code. The other from, Rep. Seth Moulton (D-MA), calls for a Department of Defense (DOD)-led study into the medical efficacy of cannabis over opioids for certain conditions.
Perlmutter, meanwhile, noted that 14 veterans service organizations (VSOs) endorsed the SAFE Banking Act in a letter to leadership last month.
“The call to serve should be backed by service and support when the troops come home. Offering SAFE in the NDAA is a matter of national security and preparedness and a reflection of our country’s strength,” Gary Hess, CEO of the Veterans Alliance for Holistic Alternatives, said. “SAFE would help the tens of thousands of veterans who already work in the cannabis industry and protect the millions of others who are turning to it for therapeutic options and future employment opportunities.”
Cosponsors of the SAFE Banking Act amendment to NDAA include Reps. Nydia Velazquez (D-NY), Warren Davidson (R-OH), Earl Blumenauer (D-OR), Dave Joyce (R-OH) and Barbara Lee (D-CA).
Another possibility for the marijuana banking bill would be to include the legislation is a package of incremental reforms that is apparently being discussed as an alternative to a comprehensive legalization bill that Senate Majority Leader Chuck Schumer (D-NY) and colleagues are finalizing.
Still, the lack of SAFE Banking in America COMPETES was a setback for supporters, especially considering the number of lawmakers from both chambers who insisted that the issue is a priority and vowed to push for its inclusion.
The conference committee on the America COMPETES Act held its first meeting on that bill last month, with multiple appointed conferees urging the body to attach the SAFE Banking Act language in the interest of economic competitiveness and public safety.
The standalone Senate version of the SAFE Banking Act currently has 42 cosponsors, including nine Republicans.
That reluctance on the Senate side to advance the issue was also the subject of a letter that Perlmutter sent to leadership last month.
In a previous statement to Marijuana Moment, Perlmutter pointed out that “more than two-thirds of the conferees have already voted for or cosponsored the SAFE Banking Act.”
The congressman has even made a point to talk about enacting the reform legislation during committee hearings on ostensibly unrelated or wider-ranging legislation, like at a recent House Rules Committee hearing.
Remember, OGI's fiscal 3rd Quarter ended May 31. They haven't announced their ER call for that Qtr but should soon. The call should be during the second week of July. I want to see continued growth in total revenue and improving margins. I want to see better order fulfillment and growing international sales. I want to see continued gains in Canadian market share. Positive EBITDA? That would be nice. Looking forward to updates on Hyasynth, the COE, the progress of recent acquisitions and the status report on the final grow room build out. I don't want much do I? In the meantime I will continue to accumulate at this depressed SP. Go OGI!
I have 5000 shares @4.14, was tempted to buy some more before earnings thank God I didn't.
Do we see it trade above $1 during regular trading hours? Thumbs up or down.
this is very powerful stock
Still not much volume. Says most holders not willing to part with their stock at these prices.
Grabbed 1500 more glta
If this goes to 50 cents USD or below I'm going to remortgage my house and buy all I can.... literally can't believe how cheap they're letting this slide, it's insane!
If alcohol and tobacco companies can reach market caps of over 50B, why can't cannabis companies? Furthermore, cannabis companies will have much higher market caps due to their edible products. Investing now would be the definition of how generational wealth is made.
Let’s hope,goes and stay over $1.
BEAT on the ER is real and SP is turning around because of it.
No Matter how much you buy at these prices, it's never enght
Break through that .97 so we can roll back up to $1.30 again in the coming days...
Better than pills , or whatever big pharmacy and are family doctors are pushing on us .
Many of us own more shares than Paolo De Luca, CEO and CFO combined. They are innocently buying based on overall good feeling they have that the stock price is undervalued. Hey, guess what, that's why I bought too.....nothing sinister about it.
A new bipartisan bill with similar aims as the SAFE Banking Act was filed this week by Democratic U.S. Rep. Troy Carter of Louisiana and Republican U.S. Rep. Guy Reschenthaler of Pennsylvania.According to a news release, the two legislators have introduced the Capital Lending and Investment for Marijuana Businesses (CLIMB) Act of 2022.The CLIMB Act would:Guarantee that financial institutions working with marijuana companies would be protected from federal regulators.Bolster business lending to state-legal marijuana businesses.Protect federal agencies such as the Small Business Administration that could issue grants and loans to cannabis companies.The CLIMB Act has already garnered endorsements from a number of MJ industry associations, including the National Cannabis Industry Association, National Cannabis Roundtable, American Trade Association for Cannabis and Hemp, Women Grow and Minorities 4 #$%$ among others.
Now that we are above $1, do we stay up there?
4 weeks till earnings....!
According to Ink Insider Reports an officer of the company, Paolo De Luca, bought 10,000 shares on the open market at 1.48$CAD on May 31. He now holds 30,000 shares. This is following recent shares purchases in May by CEO and CFO at 1.46$CAD.
What do they know that we will know soon ? I'll bet on a takeover by British American Tobacco. They already own nearly 20% of OGI.
Time to average down now while shares are still a bargain !
volume has been drying up over the last couple of weeks. Sellers are tapping out.
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