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Canadian pot companies cheer as Senate committee advances cannabis finance reforms

Washington — Canadian cannabis companies are cheering a Senate committee’s decision today to push forward with easing federal financing restrictions on the U.S. industry.

The Senate banking committee voted 14-9 to send the SAFER Banking Act for a full vote on the Senate floor, although it is still unclear when that vote will happen.

The bill is just the latest version of a long-standing effort to make it easier for cannabis companies that operate legally under state laws to access federally regulated financial services.

Advocates say the bill would make the industry, much of which is forced to operate on a cash-only basis in the U.S., safer and less prone to money laundering, tax fraud and armed robbery.

Omar Khan, senior vice-president of corporate and public affairs for Calgary-based retailer High Tide Inc., calls today’s vote a “milestone” for U.S. cannabis reform.

Cannabis companies in Canada, where marijuana has been legal since 2018, are anxiously looking forward to reforms in the U.S. that would allow them to expand stateside.