Schumer Blames Republicans For Stalling SAFER Banking
On the Wednesday episode of the Trade To Black podcast for December 11, 2024, hosts Shadd Dales and Anthony Varrell break down the latest cannabis industry headlines. Among the topics of conversation: NY adult use is booming, Nebraska is fighting state-level marijuana laws, and Republicans have once again blocked Schumer’s attempt to include SAFER Banking in the latest funding bill. We’ll break it down. Plus, cannabis advisor Seth Yakatan joins us for insights on Verano Holdings (OTC: VRNOF) based on questions he’s received.
In the headlines, the New York Office of Cannabis Management held a control board meeting where they projected a $1 billion dollar run for 2024, courtesy of strong growth in adult-use sales and fewer unlicensed operations. The state of New York has 261 dispensaries open and medical marijuana companies, many of which are publicly held MSOs, are contributing significantly to the growth. However, challenges remain, such as high fees deterring medical dispensaries from transitioning to recreational use and lawsuits disputing these fees.
A Senate source has claimed that the Republican House and Senate leadership is what “openly and solely blocked” Chuck Schumer’s attempt to include SAFER Banking legislation in a government funding bill. Despite Schumer’s efforts, Senate Minority Leader Mitch McConnell and House Speaker Mike Johnson has stalled progress, effectively killing the deal. Schumer remains committed to moving the cannabis banking legislation forward, but challenges persist, and there are concerns that Johnson’s attitude will keep it from being brought to a vote even should it manage to successfully pass a 60-vote threshold.
In Nebraska, a new lawsuit seeks to void the voter-approved 2024 ballot measures to legalize and regulate medical cannabis. The lawsuit argues that state-level cannabis laws are unconstitutional. If the lawsuit successfully challenges the will of the people, the outcome could have ripple effects on cannabis laws in other states.
The MJBiz conference in Las Vegas brought mixed sentiments. While the event was well-attended, many participants expressed exhaustion and uncertainty about the future. Since Wednesday proved a tough trading day, we’ll explore the compression that the industry continues to face in certain states, and other company actions.
