KEY INDUSTRY & POLITICAL NEWS
House to vote on a bipartisan cannabis banking bill this month
The fact that banks in the United States are barred from doing business with cannabis companies has been a well-known problem for the industry. However, it has now emerged that the House is going to vote on a bill in September that will allow cannabis business to use the banking system in the country. According to the provisions of the bill, the SAFE Banking Act is going to give protections to banks which do business with companies involved in the marijuana business.
California Cannabis Banking Bill Delayed Until 2020
However, not all was great with regards to banking regulations and the marijuana industry. Bob Hertzberg, the California Senator had earlier presented a bill by way of which a category of banks and credit unions could be established solely for the purpose of serving the cannabis industry. That bill had been approved by the California Senate earlier this year and it was going to go on the assembly floor soon. However, Hertzberg has pulled the bill and now it is expected to go on the floor next year.
Nevada Receives Record Tax Revenue From Cannabis Industry
Another development should come as a big boost for the cannabis industry and a nudge for lawmakers as well as the tax revenue raised by Nevada from the industry. As per the revelations made by the Nevada Dispensary Association, the state received in excess of $100 million in taxes from the industry in 2018/19. Moreover, the tax revenues showed a healthy year on year rise of as much as 33%.
122