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Transcripts For CSPAN3 Senate Banking Hearing On Banking Challenges For Cannabis Store Owners 20240713

The committee will now come to order. Before we get started. We have to win this panels this morning. Senator brown and i will give our opening remarks first and then we will hear from Senators Gardner and merkley. Once the senators have finished their statements we will proceed with our second panel of witnesses. Today the committee will hear from witnesses about the challenges that state sanction businesses in the cannabis industry have one trying to access mainstream Financial Services. Under the controlled substance act, marijuana, or cannabis is currently considered a schedule one drug. Being categorized as a schedule one drug means that the possession, distribution, or sale of marijuana or other marijuana derive projects is illegal under federal law. Any protests proceeds from cannabis remain subject to anti Money Laundering laws such as the Money Laundering control act. In the last several years many have used legalized marijuana in some form. Whether legal or recreational. Use

United statesSouth dakotaNorth dakotaCory gardnerMo statesRachel crossJohn boehnerSenators gardnerSecond panelMoney launderingRecreational marijuanaBipartisan legislationPanel witnessesHealth addictionIllegal industriesIndustries banking

Transcripts For CSPAN3 Senate Banking Hearing On Banking Challenges For Cannabis Store Owners 20240713

The committee will now come to order. Before we get started. We have to win this panels this morning. Senator brown and i will give our opening remarks first and then we will hear from Senators Gardner and merkley. Once the senators have finished their statements we will proceed with our second panel of witnesses. Today the committee will hear from witnesses about the challenges that state sanction businesses in the cannabis industry have one trying to access mainstream Financial Services. Under the controlled substance act, marijuana, or cannabis is currently considered a schedule one drug. Being categorized as a schedule one drug means that the possession, distribution, or sale of marijuana or other marijuana derive projects is illegal under federal law. Any protests proceeds from cannabis remain subject to anti Money Laundering laws such as the Money Laundering control act. In the last several years many have used legalized marijuana in some form. Whether legal or recreational. Use

United statesSouth dakotaNorth dakotaCory gardnerMo statesRachel crossJohn boehnerSenators gardnerSecond panelMoney launderingRecreational marijuanaBipartisan legislationPanel witnessesHealth addictionIllegal industriesIndustries banking

Transcripts For CSPAN3 Senate Banking Hearing On Banking Challenges For Cannabis Store Owners 20240714

Marijuana derived products is illegal under federal law. Theyre subject to antiMoney Laundering laws such as the Money Laundering control act. The last several years many states used Ballot Initiatives or referendums that legalized marijuana in some form whether for recreational or medical use. Currently there are 11 states plus the district of colombia where it is legal to buy and consume Recreational Marijuana and medical marijuana as well. And there are 22 states plus d. C. That have approved medical marijuana totaling 33 states in all that have some form of Legal Marijuana. The senators introduced Bipartisan Legislation that attempts to ease difficulties resulting from the legal status and more lenient state laws. I spoke many times with senator gardiner on this bill and appreciate the hard work that each senator has done on this legislation. And i look forward to hearing from each of you very soon. Our second panel of witnesses will highlight challenges that institutions face in b

New yorkUnited statesDistrict of columbiaNew zealandNew jerseyNorth koreaNorth dakotaJoanne sherwoodJohn lordCorey gardinerJeff merkleyJohn boltonCortez mastoGarry adelmanJoe dunfordMoney laundering

Transcripts For CSPAN Senate Banking Hearing On Banking Challenges For Cannabis Store Owners 20240714

The committee will now come to order. Before we start, we have two witness panels. Senator brown and i will give our opening remarks and then we will hear from Senators Gardner and merkley. Once the senators have finished their statements, we will proceed with our second panel of witnesses. Today, we will hear from witnesses about the challenges that state sanctioned businesses havee cannabis business when attempting to access mainstream Financial Services. Marijuana or cannabis is currently considered a schedule one drug. Being categorized as a schedule one drug means that distribution, sale, of marijuana or marijuanadrug products is illegal under federal law, and any proceeds from cannabisrelated activities remain subject to u. S. Andnt laundering laws, such as the antilaundering control act. In the last several years, many states have used referendums that have legalized the marijuana and some form, whether recreational or medical use. Currently, there are 11 states, plus the distri

United statesNew zealandMyrtle creekNew yorkNew jerseyNorth dakotaNew yorkerCory gardnerRobert muellerRachel crossPatrick kennedySenators gardnerSecond panelRecreational marijuanaBipartisan legislationHard work

Banking sector maintains stable, little growth trend

Banking sector maintains stable, little growth trend
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