Canadian pot companies cheer as U.S. Senate committee advances cannabis finance reforms

A young cannabis plant is shown in Fenwick, Ont., Tuesday, June 26, 2018. THE CANADIAN PRESS/Tijana MartinCanadian cannabis companies and their investors cheered a U.S. Senate committee's decision Wednesday to push forward with measures designed to ease federal financing restrictions on their American counterparts.

During one particular 12-month period in Oregon, Merkley said, 153 separate robberies were reported -- "basically one every other day" -- by cannabis workers who were targeted because they might be carrying large sums of cash. Ontario-based Canopy Growth has been gradually laying the foundation for a foothold in the U.S. market while waiting for the laws to change, which is not a matter of if but of when, said CEO David Klein."Our novel Canopy USA strategy provides us with a U.S. platform of leading brands with exposure to the fastest growth markets now, while remaining poised for growth and a fast start following a federal permissibility event.

That's another long-awaited step that the U.S. Department of Health and Human Services publicly recommended taking just last month, following a review ordered last October by none other than President Joe Biden. The bill is also designed to prevent federal banking regulators from acting like "moral police" who can deny financial services to organizations "because they simply don't like the business that they're in," Merkley said.

It "gives hope to thousands of compliant, tax-paying businesses desperately trying to access the basic financial services other businesses take for granted," said Aaron Smith, the association's CEO.

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