The legal marijuana movement saw a glimmer of hope in September for a more scaled and structured industry; the US House of Representatives agreed to a change to the National Defense Authorization Act, which would protect banks from federal retaliation for serving state marijuana companies.
This corresponds to the fifth time in last memory that the House of Representatives approved the marijuana banking reform. So whether this will pass into law is still up in the air as the change has yet to go through the Senate and President Biden’s desk. Regardless, it continues to signal a changing tide in the battle for bipartisan marijuana legalization and regulatory support.
One of the immediate effects of passing such a reform would be a change in the day-to-day life of cannabis dispensaries, as well as strategies to bring cannabis products into the in-store retail footprint. With this in mind, we wanted to hear from retailers and product developers in the industry what this reform could mean for their business models, investments and product strategies.
Also for the discussion about whether this reform improves the stability of the operation and the acquisition of investments for a cannabinoid business, whether based on THC or CBD, we have perspectives from …
- Jim Higdon, co-founder of Corn bread hemp, a USDA certified organic hemp CBD products company, on how CBD companies are also benefiting from this banking reform.
- Geoff Trotter, co-founder of Rain nabis, an ESG and sustainable development consultancy for the cannabis and hemp industries, on how financial validation provides cannabis companies with new and increasingly important metrics.
Matt Melander, President and CFO of LEVIA, a cannabis-infused beverage company, on how cannabis banking reform opens new doors to success for fortified products in brick and mortar retail.