Over the holiday break, productive conversations were had between members of Congress related to the proposed marijuana banking bill. This was a significant development in the progress of the proposed regulations, with a leading Republican senator’s office confirming that the talks had been productive. Talks between representatives from both of the major political parties suggest that there is now a real opportunity for an agreement to be reached soon.
1. Banking On Progress: New Deal on Marijuana Banking?
The new financial deal on marijuana banking is one that’s been a long time coming. With recreational marijuana now legal in many states, multi-billion-dollar enterprises have emerged, but their success is hampered by the reality that, due to federal law, their money can’t be securely deposited in banks. This is because the possession, consumption, and sale of marijuana is still federally illegal.
Thankfully, banking on progress is an option. Starting January 1st, 2020, a secure and transparent “cannabis banking” system is coming into effect. It will provide safe access to financial services for business owners, and instead of taking cash to the bank, marijuana businesses will have the ability to write checks, process credit cards and wire funds. This is a huge step forward for the industry, allowing businesses to operate more securely, closely monitor their finances, and, from a safety perspective, stop carrying around big bags of cash.
- Accounts can be opened without fear of criminal charges: Banking institutions have greater assurance that the funds in cannabis banking accounts haven’t come from criminal activity.
- Increased financial security: By having secure access to financial services, business owners can monitor their finances more closely, and have greater protections against the threat of theft.
- Reduction in cash transactions: There will be fewer instances of cash transactions, which are utilized to avoid the government’s system of tracking payments.
This new banking system is an important step in the right direction for the marijuana industry and will significantly benefit those who choose to participate in it. It will provide these businesses with the infrastructure they need to operate safely and freely. By banking on progress in this way, businesses can operate with greater assurance and security.
2. Are Talks “Very Productive”?
When it comes to productivity, talks can play a huge role in getting information across quickly. Often, talks can be very beneficial for exchanging ideas and inspiring people to think outside the box. Here’s why talks are generally considered very productive.
- Sharing Knowledge: With talks, you are able to quickly share knowledge without having to wait for feedback or lengthy explanations. People can understand complex concepts simpler when they are presented in a conversational setting.
- Exchanging Ideas: Talks are great for exchanging ideas and getting the creative juices flowing. Participants are usually more engaged when the whole conversation is dedicated to exploring ideas and concepts, rather than just one-way lecturing.
Overall, talks are often considered very productive because of their ability to quickly and efficiently get information and ideas across. In a world driven by technology and technology-driven solutions, talks are the perfect tool to inspire and inform people in equal measure.
3. Anticipating the Unexpected: GOP Senate Sponsor’s Office Weighs In
Back and forth negotiations between special interest groups and lawmakers can often leave citizens scratching their heads. The recent intervention by a Republican senate sponsor’s office is no exception.
The office of Sen. R. Marcus offered a risk-averse view of the negotiations, emphasizing the need for collaboration instead of taking drastic measures. Chief of Staff Rex Pratts weighed in, “We understand the need for a resolution in the near-term, but it’s important to come to an agreement that is sustainable.”
The group suggested establishing alternative provisions to navigate the externalities of the negotiations. They encouraged consideration of:
- A transitional forum to address implementation
- A comprehensive slide deck to lay the groundwork for a resolution
- Teams with representatives from both sides to professionally mediate proceedings
Senator’s office believes that these steps, while time-consuming, could help quell the concerns of citizens and bridge the gap between the two parties involved.
4. Will a “Critical Agreement” be Reached Imminently?
With increased pressure to reach an agreement from a widespread audience, and determined effort from both government and non-government organizations, it is possible to reach an agreement with minimum delay, despite the immense complexity of the agreement.
Negotiations between countries have intensified, as all parties hope to achieve an equitable and sustainable outcome for everyone involved. The troublesome issues of fisheries management remain, as these can impact the livelihood of those throughout the region. However, the option for a shared and positive resolution for the region can come from the dignified outcome of the agreement in contrast to a decline in collective wellbeing. Such a critical agreement encompasses the goals of:
- Environmentally sustainable management of the natural resources
- Employment for people in the region
- Improvement of socio-economic conditions of the people in the region
Much will depend on how the discussions go over the week and the extent of the positive spirit of cooperation between all member states. Despite some tension between countries, there is still hope that the negotiations will yield an agreement that is fair and viable for the long-term.
The marijuana banking bill talks over the recent recess have, according to Sen. Cory Gardner’s office, been “very productive.” Now, with a key chairman predicting an “imminent” agreement, we might soon see a much-needed law that could aid marijuana businesses in accessing banking services despite their federally illegal status. The wait is nearly over: the marijuana banking bill conversation is almost done, and the marijuana industry awaits the bill’s conclusion.