The “Green Wave” of cannabis reform is continuing to ripple throughout the country and a Republican senator is pushing the tide further. Senator Mike Crapo from Idaho has decided to support a new banking bill that would make it easier and safer for cannabis companies to store and use their money. This new effort could bring relief to the cannabis industry, but will Democratic leadership take it up?
1. Republican Senator’s Support for Cannabis Banking Bill
Senator Cory Gardner of Colorado of the Republican party recently made a surprise show of support for the SAFE Banking Act, a bill that would create a safe and secure banking infrastructure for cannabis-related businesses in the United States. This unexpected show of support from the Republican party could provide a huge boost to cannabis banking legislation, which has so far been unsuccessful in its passage.
It is no secret that cannabis businesses in the US have had to rely entirely on cash and carry operations due to federal banking regulations that make it difficult for them to access banking services. The SAFE Banking Act would help to rectify this issue by providing a safe and secure framework for cannabis-related businesses to access banking services without the fear of legal ramifications. Senator Gardner seems to understand the importance of this issue and has come out in strong support of the bill.
Here are some other points in favor of the SAFE Banking Act that Senator Gardner highlighted:
- It will facilitate more efficient operations for cannabis-related businesses.
- It will make it easier for legitimate cannabis businesses to access loans for capital.
- It will help the government to track and regulate the cannabis industry better.
- It will reduce criminal activity related to cannabis businesses.
It remains to be seen how far Senator Gardner’s support for the SAFE Banking Act can go, but for now, his show of support is certainly a positive step forward in paving the way for a safe and secure framework for the banking of cannabis-related businesses in the United States.
2. Democratic Leadership’s Expected Hesitancy to Move Forward
Democratic leadership styles are known for their attention to detail and collaborative approach to decision making, which are two factors that can impact the speed with which changes can be implemented. The team-oriented dynamic allows for an enhanced level of consideration of both the pros and cons of a given action, which may lead to some hesitancy when considering executing an action with unforeseen consequences.
Leaders who follow a democratic approach must be willing to stick with a decision— even if it is not initially popular—but will delay when certain conditions are present such as:
- Lack of Information: If leadership does not have access to the full range of available facts and insights, extra caution is often taken.
- Misplaced Loyalty: If there is an emotional commitment or bond between leader and subordinate, it may influence leaders’ decisions as they seek to keep the best interest of others in mind.
- Risk of Error: A degree of caution is necessary to make sure that a decision will bring about a desired end result.
- Aversion to Conflict: A leader invested in collaboration is likely to be more hesitant to move away from consensus and risk causing tension.
All together, the level of consideration provided within the democratic leadership style can result in delays, but those delays are a necessary component of the decision-making process.
3. Uplifting Signs for Marijuana Businesses
The marijuana industry is set to bloom even further in the future. With the legalization of marijuana both recreationally and medically in a growing number of states, there are more potential opportunities for marijuana businesses. We’ll look at a couple of the most noteworthy signs that bode well for companies in the marijuana industry.
The first, and possibly most consequential, of these indicators is the vast number of entrepreneurs ready to jump into the industry. It’s estimated that it supports up to 150,000 full-time jobs in the United States, with more projected to open up in the coming years. This is largely due to the growing demand for cannabis-infused products and services, and this provides new avenues for business growth.
Second, public perception of marijuana is undergoing a stunning turnaround. As more education becomes available and more research is done, the stigma of marijuana is beginning to dissipate. This, in turn, helps the industry attract more attention, investment, and interest both from individuals and businesses in the mainstream.
The market for marijuana is booming, and the future looks brighter than ever. Here’s a quick look at some of the key signs that are proving positive for marijuana businesses:
- A growing number of entrepreneurs entering the industry.
- An increasing acceptance of marijuana among the public.
- Growing demand and a wide range of cannabis-infused products.
- More states legalizing both medical and recreational marijuana.
- More investments and venture capital flow into the industry.
The list above provides a glimpse into the promising future of the marijuana industry. Companies operating in the marijuana industry have a lot of reasons for optimism, as the industry is only projected to expand in the years to come.
4. Pro-Cannabis Advocates Shaping a New Future?
The pro-cannabis movement is gaining momentum across the world. Whether it’s by introducing innovative medical treatments, pushing forward legalization initiatives, or raising awareness, pro-cannabis advocates are at the forefront of redefining the future of the industry. These passionate and creative individuals are some of the most influential:
- Katie Stem has used her expert understanding of the legal implications of marijuana reform to become one of the most respected voices in the pro-cannabis movement. As the executive director of CBD International, Stem has been a major advocate in changing the way cannabis is seen in the US and abroad.
- Steve DeAngelo is the founder of one of the most progressive cannabis organizations in the world, the ArcView Group. His bold leadership and relentless pursuit of equitable cannabis policy have made him a key figure in the cannabis reform movement.
- Dana McGowan is a powerhouse in the cannabis industry. She operates one of the largest medical marijuana dispensaries in the US and has been featured in international publications for her advocacy of cannabis for medical use.
- Gina Coleman has become a major figure in the cannabis industry in her own right. As the founder of the Women’s Cannabis Chamber of Commerce, Coleman is leading the charge to create greater equity and diversity in the sector.
These pro-cannabis activists and entrepreneurs are likely just the tip of the iceberg when it comes to the people reshaping the future of cannabis. As more states legalize marijuana and the industry expands, we can expect to see even more creative and revolutionary changes.
The support of GOP Senator for the marijuana banking bill is undoubtedly a welcome step toward offering protection to the State-regulated cannabis industry. But with sign of uncertainty from Democratic leadership, it’s likely only a matter of time before the validity of the bill is known. Until then, however, the green-hued banking days remain in limbo.