MJBiz - November/December 2023 - 64

Major U.S. stock
exchanges are unlikely
to list domestic planttouching
companies
unless Congress
passes banking
reform.
Photo by stock.adobe.com/
Scottiebumich
Major U.S. stock exchanges are unlikely to list domestic plant-touching companies unless Congress passes banking reform.
Photo by stock.adobe.com/Scottiebumich
Though some advocates point out
that most cannabis companies are
already banked, the services that are
available generally cost more than
mainstream business accounts pay.
And merchant-services providers that
process credit-card payments still refuse
to do business with marijuana retailers.
For these reasons, marijuana
businesses will need more than
rescheduling before they can achieve
something approaching normalcy.
There's also a feeling on Capitol Hill
that if Congress can't pass SAFER Banking,
which the U.S. House of Representatives
passed multiple times only for the bill
to stall in the Senate, other marijuanareform
measures are nonstarters.
That means that for interstate
commerce or federally regulated, legal
marijuana to become reality, SAFER
Banking must come fi rst.
" This should be used as momentum
to achieve congressional change rather
than a reason to not have congressional
change, " Freedman said. " We really
believe the major questions lie with
Congress and not the administration. "
FINAL FRONTIER
Marijuana companies lobbying on
Capitol Hill recognize that banking
access as well as credit-card processing
services are all pieces of a whole.
That helps explain the brief push
over the summer to add to the SAFER
Banking Act new, specifi c language that
would allow marijuana companies to
list on U.S.-based exchanges.
Uplisting also could mean
game-changing investments from
institutional capital rather than relying
on fi ckle retail investors, Verano's Miles
said.
64 November-December 2023 | MJBizMagazine
" We're 97% retail traded, " he said. " If
someone doesn't like my sweatshirt,
they're going to sell the stock. I don't
know who owns our stock. I see naked
selling, anonymous buying.
" The institutional dollars potentially
coming into this space is a gamechanging
event. "
" This doesn't change the need
for (SAFER) Banking, " agreed Adam
Goers, a senior vice president at
The Cannabist Co., formerly known
as Columbia Care. " But combined
together, (SAFER) Banking and
rescheduling to Schedule 3 is
monumental. "
Chris Roberts covers
politics and regulation for
MJBizDaily. You can reach
him at chris.roberts@
mjbizdaily.com.
http://stock.adobe.com/

MJBiz - November/December 2023

Table of Contents for the Digital Edition of MJBiz - November/December 2023

MJBiz - November/December 2023 - CT1
MJBiz - November/December 2023 - CT2
MJBiz - November/December 2023 - Cover1
MJBiz - November/December 2023 - Cover2
MJBiz - November/December 2023 - 3
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