Financial Giants And The NRA Are Lobbying For Banking Reform
We’re back with another weekly recap on the Benzinga Network of the latest news in cannabis and psychedelics. On this episode of Trade To Black, we look at Cybin’s latest acquisition, plus a recent article detailing some lobbying moves made by some very large entities – including the NRA – that might just surprise you.
We’ve previously covered some of the trials and tribulations regarding SAFER Banking, and the push for banking reform in the cannabis industry. SAFER has been in one form of government limbo or another for over a decade. While disruptions in the House have cast some doubt on SAFER’s progress once more, banking reform has apparently attracted more congressional lobbying than any other cannabis legislation, and some very large and noteworthy names have added their political lobbying heft to the act at a federal level. The Bank of America, MasterCard, GlaxoSmithKline, and the National Rifle Association are among them.
The boys discuss the article and the potential implications of these lobbying efforts, particularly those of the NRA. While the NRA has never given an official stance on cannabis, former NRA president David Keene did publish an op-ed in 2018 regarding how the criminalization of medical marijuana and the government’s refusal to align with the state has created issues for gun owners.
Shifting gears, we look at acquisition of the UK-based Small Pharma by Cybin. This move creates a major player in the psychedelics industry, and we’ll touch on the implications of this move. What is the importance of intellectual property in this emerging sector? You’ll find out.
Recent political developments, including the house speaker’s race and the ongoing dynamics in Congress, could shape the future of cannabis legislation as well as the SAFER Banking act. We’ll chat about how these events could impact investors and more.
Stay tuned for more updates on the evolving landscape of canna, finance, and politics.
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