{"id":58748,"date":"2022-11-30T11:00:40","date_gmt":"2022-11-30T19:00:40","guid":{"rendered":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/2022\/11\/30\/marijuana-banking-reform-can-pass-and-heres-how-the-minority-cannabis-business-association-plans-to-help-op-ed\/"},"modified":"2022-11-30T17:45:49","modified_gmt":"2022-12-01T01:45:49","slug":"marijuana-banking-reform-can-pass-and-heres-how-the-minority-cannabis-business-association-plans-to-help-op-ed","status":"publish","type":"post","link":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/2022\/11\/30\/marijuana-banking-reform-can-pass-and-heres-how-the-minority-cannabis-business-association-plans-to-help-op-ed\/","title":{"rendered":"Marijuana Banking Reform Can Pass, And Here\u2019s How The Minority Cannabis Business Association Plans To Help (Op-Ed)"},"content":{"rendered":"<\/p>\n

\u201cThe reality of the status quo is that only the largest, most well-connected MSOs have enough capital to weather the storm if SAFE doesn\u2019t pass.\u201d<\/em><\/p>\n

By Kaliko Castille, Minority Cannabis Business Association<\/strong><\/p>\n

With the 2022 midterms over and just one runoff race left to determine whether the Democrats will hold a one-vote or 50-50 majority in the Senate, all eyes (at least in the cannabis industry) are turning to the lame duck session and the hope that the Senate will finally send the Secure and Fair Enforcement (SAFE) Banking Act to President Joe Biden\u2019s desk.<\/p>\n

Minority Cannabis Business Association (MCBA) has been supporting the SAFE Banking Act for several years in its current form, but has also put a lot of resources over the last two years into advocating for specific amendments that would improve SAFE without scaring away any Republicans who need to be talked into supporting this bill.<\/p>\n

This time last year, I wrote an op-ed for Marijuana Moment called \u201cCannabis Reformers Can Get SAFE Banking or Nothing From Congress\u2014Which Is It?\u201d<\/a> which laid out the case that this Congress may be the last chance to get SAFE Banking (read: ANY cannabis industry legislation) passed until the next presidential administration.<\/p>\n

In that piece last year, MCBA called not just for SAFE Banking to pass, but for it to be amended to include \u201cprotections for Community Financial Depository Institutions (CFDIs) as well as Minority Depository Institutions (MDIs), which have a history of loaning to Black and Brown communities.\u201d<\/p>\n

I\u2019m here to remind folks once again that #SAFECantWait and I am proud that so many other thought leaders have similarly been pushing for an improved SAFE Banking Act to pass.<\/p>\n

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Here’s what MCBA is doing to support the passage of the SAFE Banking Act. Check out this op-ed from our Board President, @WizKaliko<\/a>.#Cannabis<\/a> #Banking<\/a> #SAFE<\/a> #CannabisIndustry<\/a>https:\/\/t.co\/96ll9cyYGK<\/a><\/p>\n

\u2014 Minority Cannabis (@MinCannBusAssoc) November 30, 2022<\/a><\/p>\n<\/blockquote>\n

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Recently, a good friend of mine, Amber Senter of Supernova Women put out a thoughtful piece on Marijuana Moment<\/a> that said:<\/p>\n

\u201cWithout improvements to the bill, SAFE will likely widen the gap between the already successful white-owned MSOs and upstart entrepreneurs from the communities that suffered the most under racist marijuana law enforcement.\u201d<\/p>\n

Another well-respected organization, the Cannabis Regulators of Color Coalition, put out a thoughtful paper with a number of recommendations to improve SAFE<\/a>, including a similar push for the inclusion of CDFIs and MDIs, among other suggestions.<\/p>\n

MCBA will use the next few weeks to continue to push for three policies we believe will not only achieve the original goals of the bill but substantially improve it for minority entrepreneurs:<\/p>\n