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SAFE Banking Act Could Transform the Cannabis Industry as Demand Continues to Climb


News provided by

FinancialNewsMedia.com

31 Oct, 2022, 12:50 GMT

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PALM BEACH, Fla., Oct. 31, 2022 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - The remaining months of the lame-duck Congress could be shaping up to be the most wonderful time of the year for the U.S. marijuana industry, although insiders warn legislative movement isn't a sure bet, says a recent article in industry website, MJ Biz Daily. It said that: "In addition to President Joe Biden's surprise announcement about a marijuana scheduling review and MJ possession pardons as well as the likelihood of more states voting Nov. 8 to legalize adult-use cannabis, this year's lame-duck session – the stretch of post-election time before newly elected members of Congress take their seats in the new year – could bring even more positive news for the legal industry.  While Democrats caution there's a long list of legislation to bring to the floor while they still control both chambers of Congress, marijuana reform is on the agenda.  Democrat lawmakers and stock analysts are optimistic that long-standing issues such as cannabis banking reform and restorative justice will finally be addressed.  Given the momentum, the comments made, the expectations created, and the heavy lobbying from various advocacy groups, we think Senate Democrats want to get this done," Pablo Zuanic, managing partner at New York-based investment banking firm Cantor Fitzgerald, wrote in an Oct. 3 note after Biden's announcement."  Active Companies in the markets today include:  SHF Holdings, Inc., (NASDAQ: SHFS), Tilray Brands, Inc. (NASDAQ: TLRY) (TSX: TLRY), SNDL Inc. (NASDAQ: SNDL), WM Technology, Inc. (NASDAQ: MAPS), Canopy Growth Corporation (NASDAQ: CGC) (TSX: WEED).

The article added: "Senate Majority Leader Chuck Schumer's Cannabis Administration and Opportunity Act, a sweeping federal legalization bill introduced in July that would remove marijuana from the Controlled Substances Act, instruct the U.S Food and Drug Administration to regulate MJ and allow states to retain or create their own laws around the plant.  Recent survey results collected by Morning Consult in partnership with the American Bankers Association (ABA) showed that 66% of respondents "support Congress passing legislation that allows cannabis businesses to access banking services such as checking accounts and business loans in states where cannabis is legal.  If passed, SAFE Banking Plus, or some version of SAFE Banking, could transform the industry once it's implemented. Notably, retailers and other businesses would be relieved of cash-only operations, which have created safety and accounting challenges. Traditional bank loans and other financial services such as accounting could eventually be accessed… while it's a long shot, if language from the Capital Lending and Investment for Marijuana Businesses (CLIMB) Act is included in SAFE Plus, it also means publicly owned cannabis companies could uplist to major stock exchanges."

SHF Holdings, Inc., (NASDAQ: SHFS) BREAKING NEWS:  Safe Harbor Financial Announces Definitive Agreement to Acquire Abaca - Acquisition adds over 300 accounts and expanded financial institution relationships -  SHF Holdings, Inc., d/b/a/ Safe Harbor Financial ("Safe Harbor" or the "Company"), a leader in facilitating financial services to the regulated cannabis industry, has entered into an agreement to acquire Rockview Digital Solutions, Inc d/b/a Abaca ("Abaca"), an industry-leading cannabis financial technology platform that has processed more than $3 billion in gross transactions, for $30 million. Built on modern cloud-hosted technology by banking and compliance experts, Abaca's digital-first commercial banking solutions make cannabis banking easy by revolutionizing access to cutting-edge banking and financial solutions.

Founded in 2017, Abaca works with its FDIC-insured bank partners to enable traditional banking services for operators ranging from single dispensaries to multi-state and national operators. Abaca's people, processes, and technology provide a complete cannabis solution to sponsor financial institutions, managing their regulatory risk at scale. This enables Abaca to provide cannabis businesses a full suite of specialized financial and treasury services available to the industry via its secure, digital platform.

Combining Safe Harbor's wide range of financial services and Abaca's industry-leading fintech and payment solutions will create comprehensive and streamlined banking solutions for cannabis operators. The enhanced Safe Harbor fintech platform will now offer operators desktop and mobile banking, treasury management, payment processing, cash handling, logistics, and a new payroll service launching later this quarter. In addition, the acquisition will increase management talent of seasoned cannabis fintech executives.

"We are thrilled to announce this agreement to acquire Abaca. We have worked with Dan and his impressive team, seeing them successfully scale to become an innovative cannabis fintech leader. With their ecosystem of cannabis banking and finance platform, proprietary technology, strong financial institution and banking relationships, and experienced founder-led management team, we believe Abaca is the ideal platform to help us take a large step forward in scaling our capabilities and service offerings in building the complete cannabis fintech ecosystem," said Sundie Seefried, Founder and Chief Executive Officer of Safe Harbor.

"Following its recent NASDAQ listing and key additions to the executive team, Safe Harbor is positioned to be the leader in compliant financing and banking offerings to the regulated operating U.S. cannabis industry nationwide. Joining forces with Safe Harbor enables the Abaca team to better advance our mission of empowering the cannabis community with essential financial services and innovative, affordable solutions," said Dan Roda, Co-Founder and CEO of Abaca.   CONTINUED…  Read this full release for SHFS at:  https://www.financialnewsmedia.com/news-shfs/ 

Other recent developments in the cannabis industry include:

Tilray Brands, Inc. (NASDAQ: TLRY) (TSX: TLRY), a leading global cannabis-lifestyle and consumer packaged goods company inspiring and empowering the worldwide community to live their very best life recently announced the expansion of Good Supply's award-winning cannabis portfolio. The brand's latest product release includes the launch of new high-potency strains and expanded distribution of its new bestselling products across Canada.

SNDL Inc. (NASDAQ: SNDL) recently announced that it will release its third quarter financial results ended September 30, 2022, on Monday, November 14, 2022.

Following the release of its third quarter financial results, SNDL will host a conference call and webcast at 10:30 a.m. EDT (8:30 a.m. MDT) on November 14, 2022.

To access the live webcast of the call, please visit the following link:
https://services.choruscall.ca/links/sndl2022q3.html

A telephone replay will be available for one month. To access the replay, dial:
Canada/USA Toll Free: 1-800-319-6413 or International Toll: +1-604-638-9010
When prompted, enter Replay Access Code: 9541 #

WM Technology, Inc. (NASDAQ: MAPS), the leading marketplace and technology solutions provider to the cannabis industry, recently announced it will report financial results for its third quarter ended September 30, 2022 after market close on Monday, November 7, 2022.

Management will host a conference call and webcast to discuss the Company's financial results at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on the same day. Participants may register for the call here. A live webcast of the call will also be available on the WM Technology investor relations website at ir.weedmaps.com.

A replay of the Q3 call will be available at ir.weedmaps.com by end of day November 8.

Call Details - WM Technology Second Quarter 2022 Financial Results:

When: Monday, November 7, 2022 / Time: 2:00 p.m. PT (5:00 p.m. ET) / Webcast Live Stream: https://edge.media-server.com/mmc/p/qp839exf / Replay: ir.weedmaps.com; call will be archived on this site beginning Nov. 8

Canopy Growth Corporation (NASDAQ: CGC) (TSX: WEED) recently announced that it will release its financial results for the second quarter fiscal year 2023 ended September 30, 2022 before financial markets open on November 9, 2022.

Following the release of its second quarter fiscal year 2023 financial results, Canopy Growth will host an audio webcast with David Klein, CEO and Judy Hong, CFO on November 9, 2022, at 10:00 AM Eastern Time.

Shareholders can submit questions starting on November 2, 2022, at 10:00 AM ET by visiting:
https://app.saytechnologies.com/canopy-growth-corporation-2023-q2.

DISCLAIMER:  FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.  FNM is NOT affiliated in any manner with any company mentioned herein.  FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  FNM's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities.  The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult =a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release.  FNM is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks.  For current services performed FNM has been compensated seventy six hundred dollars for news coverage of the current press release issued by SHF Holdings, Inc. by the Company.  FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

Contact Information:

editor@financialnewsmedia.com
+1(561)325-8757

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