Last week, Sen. Jeff Merkley (D-OR) and Sen. Cory Gardner (R-CO) introduced the Secure and Fair Enforcement (SAFE) Banking Act into the Senate, counting on the support of 20 cosponsors. This bipartisan piece of legislation was introduced in the House last month, and was approved with bipartisan support in the House Financial Services Committee in March. It has 158 cosponsors.
Its aim is to “protect banks and other financial institutions from prosecution and ease restrictions for providing services to cannabis businesses that are in compliance with state laws,” a spokesperson for the National Cannabis Industry Association explained.
Aaron Smith, executive director of the National Cannabis Industry Association, said in an email that, “Lack of access to financial services is creating public safety problems for the rapidly growing legal cannabis industry, as well as interfering with transparency and access to capital for small businesses. The Senate now has the opportunity to keep up the momentum that the SAFE Banking Act has in the House and address this important issue.”
On the markets front, vape distributor Greenlane filed for an IPO and said it plans to price its shares between $14 and $16. The company says it will be listing April 18 at NASDAQ under the ticker “GNLN.”
“This exchange has been notoriously bad at accepting cannabis-related companies, even if they are only ancillary companies,” Debra Borchardt, CEO of Green Market Report, told Benzinga. “This will be one of the few that has gotten through the NASDAQ approvals if indeed they get the green light.”
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Benzinga’s Cannabis Capital Conference, the premier gathering of cannabis entrepreneurs and investors in North America, is returning to Toronto April 17-18. Keynote speakers include Giadha Aguirre de Carcer, Cam Battley, Alan Brochstein, Jon Najarian, Jeanne