THE CONSUMABLES SHOW
We are hosting our weekly Consumables Show today, October 2nd @ 12 PM ET.
EVENT DETAILS:
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Every Monday at 12 PM ET our Consumables Team will be hosting a live event where we will go through Timely and Topical events/data that have occurred in our respective industries, as well as preview the week to come. We hope that you can grab your lunch and join us as we break down the Restaurant, Consumer Staples, and Cannabis space.
We will explore a number of topics including recent position monitor changes, top questions from client meetings, most frequent inbounds, pushback on our most recent calls, and updates on some of our best ideas.
Let's talk about safe banking again!
Last week, The Senate Banking Committee approved a bipartisan cannabis banking bill. Members voted to pass the Secure and Fair Enforcement Regulation (SAFER) Banking Act, sponsored by Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT), in a 14-9 vote. The week prior, SAFER was sent back to them with suggested revisions which has increased Reuplican support. For years, we have seen Democrats continuing to add social justice language to this bill while the Republicans wanted any part in that. It is nice to see both sides POTENTIALLY coming to some type of common ground. Sen. Steve Daines (R-MT), the lead GOP sponsor of the SAFER Banking Act, emphasized that he does not view the legislation as a step toward legalization, which he opposes. But “the current all cash model of legal cannabis businesses makes him targets for theft, for tax evasion and for organized crime,” he said. “The key to addressing this risk is by ensuring that all legal businesses have access to the banking system,” Daines said. We have been very negative on the odds of SAFE going through this year, especially since we have not heard from Mitch McConnell on the subject yet. That being said, it does seem like the odds of this happening have increased in the last week. I'm still giving it a coin flip chance, which is a drastic improvement from what I thought a week ago. Only time will tell, but we are hopeful that we continue to get positive news on this topic because the industry needs it.
Germany Takes Another Step Forward
On Friday, a bill to legalize cannabis in Germany was brought up in the Binderat/Federal court, which has members representing each state, where legislators urged the adoption of amendments but did not prevent it from advancing. The Bundesrat representative of Bavaria’s motion to put the bill on pause was rejected. The federal government will now respond to the Bundesrat’s comments, after which point the legislation will go to the Bundestag for possible enactment, according to The Legal Tribune Online. The legalization measure was spearheaded by Health Minister Karl Lauterbach. The proposal, which was unveiled in July, would allow adults to legally possess cannabis and cultivate a maximum of three plants for personal use.
