Cannabis Industry Veteran On SAFE Banking Misconceptions And Its Chances Of Passage Before The New Congress
In this week’s Trade To Black Podcast, TDR Founder Shadd Dales and lead financial writer Benjamin A. Smith speak with Tyler Beuerlein. With the investment community looking ahead to possible regulatory movement in the cannabis industry this fall, we asked Tyler for his opinion on what SAFE Banking could bring to the industry, and just as importantly, the misconceptions about what SAFE Banking cannot do.
Mr. Beuerlein has an extensive resume which makes him uniquely qualified to talk on the subject. He is an Advisory Board member at Marijuana Business Daily, one of the pre-eminent cannabis focused news sources around. Tyler is also the Banking & Financial Services Committee Chair at the National Cannabis Industry Association, which is the oldest and most largest trade association serving the cannabis industry. Currently, Tyler is Chief Strategic Business Development Officer at Safe Harbor Financial—cannabis financial specialists that provide financing to industry operators.
Regarding the prospects of SAFE Banking, Mr. Beuerlein is taking a decidedly bearish tone on the prospects of advancement in the lame duck session of Congress. While he’s never been more bullish about the industry overall, his confidence in the current political regime is “not there”. He views the current enthusiasm driving the narrative as a mirage—a soapbox for politicos to campaign on and little more. Tyler cites Joe Biden’s campaign promises to legalize cannabis 3 years ago on the campaign trail which fell flat once he was elected president.
The SAFE Banking Act, which sponsors have attached as an amendment to this year’s National Defense Authorization Act (NDAA), will be considered in the must-pass defense appropriations bill this fall. The NDAA’s purpose is authorize appropriations for military activities of the Department of Defense and for military construction, as well as to prescribe military personnel strengths and for various purposes. Annual ratification of the NDAA is a slam dunk in political terms, having passed for fifty-one consecutive years.
To view the previous Trade To Black Podcast, click here.