CFIG

Looking forward to the PBC Conference kicking off tomorrow - we hope you will join us from 4:30-5:30pm after the Day 1 programming wraps for the CFIG sponsored Happy Hour taking place in the exhibit area!

Check out the latest Congressional Research Service legal sidebar on cannabis banking ➡ https://lnkd.in/eji2cu8c.

An important reminder that while rescheduling is a critical change to federal cannabis policy, it does not address cannabis banking issues. It remains urgent that Congress pass the SAFE(R) Banking Act!

Be sure to check out the PBC Conference panel next week featuring CFIG policy director Erin Moffet for more on rescheduling impacts on cannabis banking.

"The Cannabis Financial Industry Group (CFIG) has issued best practices for financial institutions in the absence of more federal guidance, said Erin Moffet, policy adviser to CFIG and the National Cannabis Roundtable. If the legislation isn’t passed in tandem, those groups hope rescheduling cannabis 'at least makes people deem it less risky, to continue normalizing relations,' Moffet said."

More from Banking Dive on why the need for SAFE(R) Banking persists - even with rescheduling ⤵️

Pot banking bill advocates push for action this year Proponents hope the SAFER Banking bill can be attached to a larger legislative vehicle, as stand-alone passage in the Senate seems increasingly unlikely.

CFIG Executive Director Saphira Galoob spoke to NewsNation regarding the impact of rescheduling on federal policy, cannabis related businesses and those servicing the industry, and patients & consumers.

Read it here:

Will w**d prices drop if ma*****na is reclassified? Lower tax bills for ma*****na businesses could lead to better prices at the dispensary.

NEW Independent Community Bankers of America Poll:

64% of Americans agree that the SAFER Banking Act’s provisions allowing cannabis-related businesses to access the banking system would help improve public safety.

54% agree that opening the banking system to cannabis-related businesses would help underserved communities.

Majority Of Americans Say Ma*****na Banking Bill Would Promote Public Safety And Help Underserved Communities, Financial Association Poll Finds - Ma*****na Moment A strong majority of Americans agree that passing a ma*****na banking bill would improve public safety, according to a new poll commissioned by Independent Community Bankers of America (ICBA). The survey, conducted by Morning Consult, found that 64 percent of Americans feel the provisions of the Sec...

We strongly agree with the American Bankers Association on the urgent need for Congress to pass the SAFER Banking Act, which would not be addressed by the expected rescheduling of cannabis. With legal cannabis programs in 38 states, financial institutions and other ancillary services providers need SAFE now!

SAFER Banking Act Still Needed Even if Administration Moves to Reclassify Cannabis “While ABA takes no position on the legalization of cannabis, it’s important for policymakers to know that any potential decision to reclassify cannabis has no bearing on the legal issues around banking it.

BIG news on changing federal cannabis policy for the first time in more than 50 years ⤵

US poised to ease restrictions on ma*****na in historic shift, but it'll remain controlled substance In a historic shift, the U.S. moves to reclassify ma*****na as a less dangerous drug, AP sources say.

We're excited to be a PBC Conference sponsor again in 2024! This is the premier conference for payments, banking, and compliance in the cannabis industry. Join CFIG in DC September 4-5 using our sponsor link for a 20% discount ➡️https://www.eventbrite.com/e/pbc-conference-2024-tickets-719226966217?aff=oddtdtcreator&discount=Sponsor20

Insightful industry outlook from 2024 from CFIG member First Citizens Bank featuring our Policy Director Erin Moffet ⤵

How the Cannabis and H**p Industry Can Thrive in 2024 Five steps h**p and cannabis businesses can take to prepare for legislative changes in 2024 and emerge stronger.

Happy holidays from our CFIG family to yours!

‼️ JUST RELEASED ‼️ CFIG guide to help state-legal cannabis related businesses (CRBs) understand the importance of engaging with a financial institution with a strong cannabis banking program to keep their accounts safe and sound. View it here ➡ https://lnkd.in/gv22E2te

With this document, we hope to provide those in the state-legal cannabis industry with a better understanding of the importance of a transparent and highly compliant banking relationship, the requirements and documentation needed to enter into and maintain such a relationship, and how to better assess the integrity of a financial institution’s cannabis banking program to protect their livelihoods.

CFIG’s Executive Director sat down with congressional cannabis banking champions this afternoon to discuss federal policy at the Benzinga Cannabis Capital Conference on the heels of the SAFER Banking Act passing out of the Senate Banking Committee with bipartisan support this morning.

Saphira Galoob, TLG Principal & CEO and Executive Director of the National Cannabis Roundtable and CFIG, was joined at the Benzinga Cannabis Capital Conference by former Congressman Ed Perlmutter, former Senator Cory Gardner, and Leader Schumer’s former chief counsel Reggie Babin to discuss federal cannabis policy and reforms. With Senate committee passage of cannabis banking earlier today, it was great to hear from those who have been championing for years.