Diamond Hands Podcast #13: Decision On SAFE Banking Inclusion Into The NDAA Coming Soon
In this week’s Diamond Hands Podcast, we again speak with Benjamin A. Smith with Anthony Varrell about crypto and U.S. cannabis market. Next week, the latter begins a historical regulatory process as The SAFE Banking Act—which sponsors attached to a mainline bill called the National Defense Authorization Act (NDAA)—is expected to be considered. It is not an overstatement to call this event a defining regulatory moment in industry’s history—one which could potentially normalize cannabis-related businesses while fostering broader federal legalization reform.
Annual ratification of the NDAA before calendar year end is automatic, having passed each year for the past fifty. So, a decision on SAFE Banking amendment inclusion into the NDAA is an imminent event.
To provide analysis for this event, we spoke with Brady Cobb, political cannabis insider and former co-founder of Bluma Wellness—since acquired by Chicago-based Cresco Labs for US$213 million. Brady provides valuable insight on what to expect over the next 2-3 weeks, why passing the SAFE Banking amendment in the NDAA is a no-brainer, and how he’s positioning his portfolio for the decision.
Episode #13 CliffsNotes…
Crypto/NFT
@1:30 Anthony recently made 35x and 37x on a couple of coins, respectively. He explains his rationale behind buying both coin before they ran (if not unexpectedly).
@2:45 What the things Anthony look for before making investments in the space.
@3:54 What Anthony makes of the Metaverse and the buying of “land” within it.
@5:23 The younger generation, such as Gen-Z and lower, will likely gravitate towards the Metaverse as they’ve grown up in an increasingly virtual environment.
@9:15 Anthony is not worried about Bitcoin’s big drop in the market on Friday. Broad risk asset selloff encompassed stocks, precious metals, technology and value.
@11:00 WonderFi Technologies (NEO: WNDR; OTC: WONDF) announced the listing of tokenized equities of WonderFi on FTX—a leading global cryptocurrency exchange—founded by Sam Bankman-Fried.
@13:26 Huge growth in the DeFi space. There’s becoming less reason to park money in low-interest bank accounts when people can make more yield on USD-backed stablecoins.
@14:27 First-mover Defi companies, such as WonderFi, is a good position if they can develop and simplify platforms that foster increased consumer adoption.
Cannabis
@18:02 Lots of eyes will be focused on the U.S. cannabis market next week, as 1st and 2nd degree amendments to the National Defense Authorization Act (NDAA) will be considered. Support has been building and there appears to be a real chance it can be attached to the NDAA, which is a slam dunk to be passed before year end. We interviewed cannabis insider Brady Cobb to give his assessment of the situation.
To watch Diamond Hands Podcast #12, click here.
