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.

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.

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

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.