What are the underlying issues plaguing the cannabis businesses in the US and/or NC?
- They are unable to write FDIC secured checks, make and receive electronic payments, utilize payroll providers, accept debit or credit cards, pay taxes through a financial institution or obtain business insurance for scenarios including: theft, fire, natural disasters, etc.
- Cash based businesses are inefficient, expensive, and increase the potential for larceny or opaque business practices.
The Senate Banking Committee which is chaired by Sen. Mike Crapo (R-ID), is finding opposition to the bill stemming from a lack of regulation in legal states based on money laundering, percentage levels of raw cannabis and cannabis extracts or edibles including the color, taste, and shape of edibles as being attractive to kids.
Here’s a clip from the C-Span testimony in which Sen. Mike Crapo heard from businesses on both sides of the argument.
Here’s how North Carolina’s delegates voted on the bill:
George Holding (NC-2) – R., Rep. George Murphy (NC-3) – R., Rep. Virginia Foxx (NC-5)- R., Rep. Mark Walker (NC-6) – R., Rep. David Rouzer (NC-7) – R., Rep. Richard Hudson (NC-8) – R., Rep. Dan Bishop (NC-9) – R., Rep. Patrick McHenry (NC-10) – R., Rep Mark Meadows (NC-11) – R., Rep. Ted Budd (NC-13) – R.
G. K. Butterfield (NC-1) – D, David Price (NC-4) – D, Alma Adams (NC-12) – D
Republican Congressman Patrick McHenry said of the bill, “If we seek to give financial institutions certainty, we should deal with the listing of cannabis as a Schedule 1 substance, not debating a partial solution for financial institutions to what is a much larger problem and a larger societal issue that we must wrestle with.”
While this is a valid concern, the bill needs to pass for states that have medical cannabis, adult use, or hemp programs, in order to give those businesses access to bank accounts.
When Senator Tillis (NC-R), who is on the Senate Banking Committee, was asked about his support for the bill he dodged the question, “Ask me next week!”
- Call and email Senators Burr https://www.burr.senate.gov/contact/email and Tillis https://www.tillis.senate.gov/email-me and ask them to help S.1200 get a hearing in the Senate! You can also use Resistbot to send a fax, letter, or call the Senators. Find out more at https://resist.bot/
- Our inaugural “Board Chat” occurred 7 PM on our YouTube channel at www.youtube.com/c/NCNORML. The next Board Chat is scheduled for November 21st! Details coming soon!
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