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Will SAFE Banking Pass or Not?

By Shadd Dales On Jun 28, 2023

Welcome to our latest Trade to Black podcast. It’s been a productive week in psychedelics, but we’re back to looking at the latest news in cannabis. This episode, host Shadd Dales, lead financial writer Benjamin A. Smith, and millennial entrepreneur Anthony Varrell are talking about Chuck Schumer pushing for the approval of SAFE Banking.

Charles Ellis Schumer has held a seat as one of the senators of the New York since 1999. As a Democrat and a public supporter of cannabis reform, Chuck Schumer’s being in favor of the SAFE Banking Act is not an unusual move. But should we trust his actions for the industry?

Schumer previously introduced the Cannabis Administration and Opportunity Act twice without movement. With SAFE Banking having been originally introduced over a decade ago and stalling out in senate again only just recently, Washington’s general feelings on cannabis appears to be rather clear.

Where does this leave the SAFE Banking Act now? Is it likely that Schumer might have any success this push through? Or must we rely on HHS Secretary Becerra rescheduling the drug itself? If SAFE passes, what comes next after the politicians vote yes?

We also talk about Ron DeSantis’ campaigns and candidacy for president. How is he comparing to Trump’s campaigns, and how this will impact the market? Will a DeSantis presidency make or break the cannabis industry?

We’ll briefly recap the past week and MAPS’ incredible Psychedelic Science Conference which was attended by 12,000+ experts and practitioners in the healthcare sector. It might just be a real turning point in education and interest, and it’s undoubtable that it will wield some major influence in the psychedelics industry. Did the conference have enough impact to push that rising momentum into a ground swell, allowing it to become the turning point for investors and overall healthcare landscape?

We’ve got some thoughts.

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Shadd Dales is the Founder and President of The Dales Report and has an extensive background in the business media industry.

His work translates into over 15 years in mainstream media that included roles with BNN Bloomberg, CTV Properties and the iHeart Radio Network.

Shadd is considered one of the leading on air talents in both the cannabis and psychedelic space and has interviewed some of the most notable CEO names in the industry.

Shadd’s vision is to establish a content platform that is equivalent to a mainstream broadcast produced in a format that is relevant for today’s investor.