This week the Senate Majority Leader Mitch McConnell, meet with marijuana executives in the state of California to discuss potential cannabis-related banking reform.
McConnell met with executives and small business owners as well as advocates in Southern California. His schedule included two cannabis-related lunches with executives and advocates on Wednesday and Thursday.
According to people familiar with the matter, there is no word on if this is shifting the Senate Majority leader’s position on marijuana, which has been an opposition.
“I think this is absolutely positive that McConnell is meeting with stakeholders in the cannabis market,” PI Financial analyst Jason Zandberg told MarketWatch. “The U.S. market needs the banking act to flourish, without it — there are legitimate companies that are following the rules that are facing major obstacles. Banking legislation would be a huge positive catalyst.”
“We’re happy to see that Leader McConnell is coming to see how a regulated market is an improvement over prohibition,” National Cannabis Industry Association executive director Aaron Smith told MarketWatch. “Right now the priority is banking, which affects [McConnell’s] constituents in the hemp and CBD industry, as well as legal cannabis businesses here in California. That’s really our primary ask — common-sense policies around banking and public safety, and we’re hopeful [McConnell] will see the need for that and move forward along with Chairman [Sen. Mike] Crapo.”