The CEO of a U.S.-based cannabis company says legislation set to be reviewed by lawmakers this week would ease significant financial burdens for her business.
The Secure and Fair Enforcement Regulation Banking Act is set to be reviewed by a U.S. Senate committee on Wednesday, who will then decide whether to send the bill to a Senate floor vote. “Currently, cannabis is a cash-only business,” Rivers said, “which leads to significant safety issues for us and our employees.”“They were after the cash,” she recalled.The SAFER Banking Act has been passed by the U.S. House of Representatives many times and Wednesday is its first chance to go to the Senate for a vote.
“We feel we have great support in the Senate for a positive vote tomorrow,” she says. “We absolutely believe this has the potential to be the first bipartisan supported piece of cannabis policy that could clear Congress.”Another big regulatory review happening in the cannabis sector right now is around the way the substance is classified.
If cannabis is placed in the Schedule III category, its definition would become a “drug with a moderate to low potential for physical and psychological dependence” according to the DEA, and would make it easier for cannabis companies to access the financial services Rivers is advocating for.