MSOS - Booker says SAFE Banking Act needs to help small cannabis businesses to get passed

If the SAFE Banking Act is to win approval as a stand-alone bill, it will require changes that will help those disproportionately harmed by marijuana prohibition, including small cannabis businesses, Sen. Cory Booker (D-N.J.) said.

"Before moving forward, legislation like SAFE Banking requires changes to ensure that the communities most harmed by our broken marijuana policies receive support and small cannabis businesses can have the same access to capital as large multi-state operators," Booker said, Marijuana Moment reported.

Booker is one of the sponsors of the Cannabis Administration and Opportunity Act, which would legalize marijuana on the federal level. He held a hearing on the proposed legislation in July.

The Cannabis Regulators of Color Coalition recently released a paper on the SAFE Banking Ac t. In it, the group recommends 10 changes, including a requirement that federal banking regulators identify best practices to achieve racial equity in financial services and clarifying that cannabis criminal records are not an automatic red flag.

Multi-state operators: Cresco Labs ( OTCQX:CRLBF ); Columbia Care ( OTCQX:CCHWF ); Trulieve Cannabis ( OTCQX:TCNNF ); Green Thumb Industries ( OTCQX:GTBIF ); Curaleaf Holdings ( OTCPK:CURLF ); MedMen Enterprises ( OTCQB:MMNFF ); Acreage Holdings ( OTCQX:ACRHF ); Ayr Wellness ( OTCQX:AYRWF ); Verano Holdings ( OTCQX:VRNOF ); and Jushi Holdings ( OTCQX:JUSHF ).

Cannabis-related ETFs: AdvisorShares Pure Cannabis ETF ( YOLO ), Amplify Seymour Cannabis ETF ( CNBS ), ETFMG Alternative Harvest ETF ( MJ ), AdvisorShares Pure US Cannabis ETF ( MSOS ), and Global X Cannabis ETF ( POTX ).

Earlier in August, Booker said he was open to a "SAFE Banking Plus" bill that would include provisions for marijuana business banking as well as criminal justice reform .

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