“Everybody thinks it’s just around the corner. It’s going to happen. Just wait a few more months,” pointed out Anthony Coniglio, founder, president and CIO of NewLake Capital Partners Inc. NLCP during a discussion at the Benzinga Cannabis Capital Conference in Miami.
This quote sets the tone for a conversation that, contrary to the industry's optimism, paints a stark picture of the challenges the sector faces, especially regarding the much-discussed Secure and Fair Enforcement (SAFE) Banking Act.
"How is it to work without banking? I mean what do you think?" asked Maureen Meehan, Benzinga’s cannabis editor. Her question was timely. In September, former Sen. Cory Gardner (R-CO), former Rep. Ed Perlmutter (D-CO) and Reggie Babin of Akin Gump Strauss, Hauer & Feld will discuss the imperative for marijuana reforms at the Benzinga Cannabis Capital Conference in Chicago. Mark your calendar for September 27-28.
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Cannabis Banking Reform: Between Coniglio's Reality Check and the Industry's Unyielding Optimism
SAFE Banking legislation has been a focal point of many discussions surrounding the cannabis industry. Because marijuana remains illegal on the federal level financial institutions cannot provide services to licensed cannabis businesses in states with legal medical or recreational programs.
The response from Coniglio was sobering. “Yeah, a bad question to ask I’m going to give a depressing view on it,” he began, setting the stage for an eye-opener. “I don’t think we certainly don’t expect SAFE to pass.”
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He further elaborated. “I always say this industry has the largest collection of optimists I’ve ever seen.” While optimism is palpable in most areas of the cannabis sector, Coniglio's viewpoint emphasized the need for pragmatism.
To outsiders or seasoned investors alike, this dialogue underscores the intense dynamics of the cannabis industry. The Department of Health and Human Services recently recommended reclassifying cannabis from Schedule I to Schedule III status. If successful, this could exempt cannabis companies from IRS Code 280E, facilitating federal tax reliefs.
Related Content: Chuck Schumer Pledges To Advance Cannabis Banking Reform, Calls For Unity To Avoid Govt Shutdown
To delve deeper into this prospective transformation in cannabis policy, the Benzinga Cannabis Capital Conference in Chicago on September 27-28 emerges as a pivotal event. All information is available on bzcannabis.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!