On Monday, Feb. 13, 2023, the Cannabis Financial Industry Group (CFIG) will host a briefing for congressional staff on the Senate Banking Committee to help bridge the knowledge gap as to the current compliance requirements and mechanisms in place for businesses servicing or directly operating within the state-sanctioned cannabis industry. CFIG members Steven Kemmerling of CRB Monitor and Adam Crabtree of NCS Analytics will provide a “Cannabis Compliance Crash Course” to the committee staff as discussions on a reintroduced SAFE Banking bill ramp up in the 118th Congress.
CFIG’s executive director Saphira Galoob noted that the newly-formed industry association, which includes financial institutions and risk management providers active in the cannabis industry, is eager to tackle the issues vexing the cannabis banking sector.
Last year, she said, saw “significant cannabis reform momentum – from the President’s directive to review the Schedule I status of marijuana to the first standalone cannabis measure signed into law, to bipartisan negotiations in the Senate regarding a SAFE Banking Plus package.”
The meeting with the Banking Committee will provide much-needed expertise and thought leadership from those on the ground as cannabis reforms continue to move forward on the state and federal levels. Galoob said she expects the meeting will be “an impactful and insightful congressional briefing to kick off our work” in the new Congress.
CFIG chairman Alan Hyatt of Shore United Bank added, “I cannot emphasize enough how important it is to have a united voice to both educate lawmakers on existing compliance operations as well as to advocate for much-needed federal cannabis banking legislation to make cannabis banking more accessible and transparent.”
Financial Institutions and Risk Management Providers Launch Cannabis Financial Industry Group, Host Congressional Cannabis Compliance Briefing
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