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As frustration mounts over the slow rollout of New York’s legal adult-use cannabis market, cannabis licensees and stakeholders are understandably anxious. However, infighting amongst the state’s current and prospective cannabis licensees risks missing the bigger picture – the illicit market is winning. There has been concern over the state’s medical operators (formally known as “registered organizations” or “ROs”) entering the adult-use market after a delay of more than two years.
The SAFE Banking Act has hit a snag in Congress thanks to opposition from the chair of the Senate Banking Committee. The October 2019 post, “Temper Your Expectations on Cannabis Banking Reform: foreseeable pitfalls of the SAFE Banking Act,” explained how the SAFE Act intended to alleviate the bank industry’s cannabis problem, and where it may fall short.
Law360 (October 31, 2019, 2:52 PM EDT) -- On Sept. 25, the Secure and Fair Enforcement, or SAFE, Banking Act of 2019[1] passed the U.S. House of Representatives by an impressive margin of 321 to 103. The U.S. Senate — once seen as a gauntlet of insurmountable obstacles to cannabis banking reform — has also seen some meaningful progress. Sen.
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