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| MDCL Applauds the Historical Passing of the SAFE Banking Act. U.S. Cannabis Companies Now on Equal Footing with Canadian Competitors |
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 Hot Stock to Watch |
Company: Medicine Man Technologies Inc. (OTCQX: MDCL)
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Change (%): - 0.125 (3.35)
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Medicine Man Technologies Resoundingly Applauds the Historical Passing of the SAFE Banking Act by the U.S. House of Representatives
- SAFE Banking Act would provide cannabis companies access to banking services that all other legal businesses have
- American cannabis companies would be on more equal footing with Canadian cannabis peers with access to depository and credit services
DENVER, Sept. 26, 2019 /PRNewswire/ — Medicine Man Technologies, Inc. (OTCQX: MDCL) (“Medicine Man Technologies” or the “Company”) today applauded the passing of the Secure and Fair Enforcement (SAFE) Banking Act by the U.S. House of Representatives by a vote of 321-103. This proposed law would protect financial institutions that serve cannabis-related businesses from federal penalties in states where cannabis operations are legal and would allow consumers the ability to legally purchase cannabis products with other forms of payment besides cash. The bill now moves to the Senate for a potential vote in that chamber.
Currently, and if the SAFE Banking Act does not ultimately get signed into law, businesses engaged in cannabis operations are prohibited from traditional financial services offered by banks, credit unions, and insurance providers, as this is considered “money laundering” due to cannabis still being considered a controlled substance at the federal level. This means that cannabis businesses do not have access to ordinary banking services, such as checking accounts, loans, electronic funds transfer (EFT), and credit cards that other businesses and industries do.
“The passing of the SAFE Banking Act by the House is a monumental step forward for our industry, as it puts us closer to finally being on equal ground with other legal businesses in the U.S.,” commented Andy Williams, Co-Founder and Chief Executive Officer of Medicine Man Technologies. “As an industry, we are currently being forced to operate as a cash-only business, which needlessly puts consumers and industry employees at a safety risk from incentivized crime and theft. We are happy to see the government finally recognize and address these issues. The ‘Prohibition at all costs’ way of enforcement is badly outdated and constrains our industry by placing excessive restrictions on what should be relatively routine financial transactions by us as a business as well as by our customers. Ultimately, it is hurting the American economy and the small business cannabis companies that are the heart and soul of our industry. Some of our Canadian cannabis peers enjoy appreciable advantages in this area, placing a further unnecessary burden on American cannabis companies. The SAFE Banking Act would be an absolute victory for common sense and would help American cannabis companies increase our competitiveness in the global cannabis market. We are really hopeful that the U.S. Senate will also pass the bill in the near future and excited about the prospects of banking flexibility as the industry continues to flourish.”
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