Investor Ideas #Potcasts; #Cannabis News and Stocks on the Move: Rezwan Khan, President of Global Alliance for
Cannabis Commerce Talks about SAFE Banking Act
Rezwan Khan also
Vice President of Global Corporate Development for DNA Genetics
Delta, Kelowna, BC –September 27 , 2019
(Investorideas.com Newswire) www.Investorideas.com, a global news source
covering leading sectors including marijuana and hemp stocks and its potcast
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cannabis news and stocks to watch plus insight from thought leaders and
experts.
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at https://www.investorideas.com/news/2019/cannabis-potcasts/09271Interview-RezwanKhan-SAFEBankingAct.asp
Good afternoon and welcome to another episode of
Investorideas.com "Potcast" featuring cannabis news, stocks to watch
as well as insights from thought leaders and experts
In
today’s podcast I interview Rezwan Khan,
President of the Global Alliance for Cannabis Commerce, where we discussed the
recent voted in favor of the Secure and Fair Enforcement (SAFE)
Banking Act U.S. through the House of Representatives, and the expectations
surrounding this legislation moving forward.
Rezwan Khan, J.D. is also the Vice
President of Global Corporate Development for DNA Genetics, the
most recognizable and award-winning cannabis company in the world, and
co-Founder of seedleSs, the first cannabis marketing firm, incubating many of
the top brands in the industry. “Rez” is
one of the most widely-respected voices within the world-wide cannabis
community with decades of experience in the issues facing international and
emerging cannabis marketplaces, and is a leading expert on national and
international comparative cannabis law and regulatory compliance.
Rez discussed the recent passing of the
SAFE Banking Act through the House saying, “The Safe Banking Act actually took
a really interesting journey. Initially we were making sure to get support in
the House and along the way we were gently reminded that the House might be
preaching to the choir, but good luck with the Senate Republicans and even
better luck with Mitch McConnel. The Republican Senators made it very clear to
us that they were not going to be prepared to support this unless we included
Choke Point language. The entire thing got really political. For people that
aren’t familiar, there was an Obama Era {initiative called} Operation Choke
Point, which effectively cut out off banking services to some industries that
are federally legal. So the narrative then was that we’re not going to be able
to support Safe Banking for cannabis, especially as a stand alone cannabis reform
legislation, if we are not prepared to address safe banking for these other
industries that are federally legal. The example they used was fireworks. On
its face that argument makes a lot of sense, but the reality is it’s a
political maneuver because its about undoing all things Obama at then end of
the day, but we as an organization don't get political beyond the cannabis
issue. That might stack our deck for getting through the Republican Senate, but
then you still have Mitch McConnel.”
Operation Choke Point was a 2013 initiative of the United
States Department of Justice, which investigated banks in the United States and
the business they did with firearm dealers, payday lenders, and other companies
believed to be at higher risk for fraud and money laundering.
Rez continued, “We were able to get some
very valuable intel from Kentucky, that the Hemp farmers are starting to
experience what us cannabis guys have experience for many years, which is all
of a sudden there is a question as to the source of their funds, questions as
to the specific lineage of plants that they’re growing and further it's almost
impossible for lawmakers and regulators to differentiate CBD that’s derived
from Hemp versus derived from Cannabis. The inability to make that distinction
really puts all of the Hemp farmers in jeopardy. So we were able to really take
that and re-present it to a few prominent Senate Republicans, and pose the
question, ‘Because you can’t differentiate CBD derived from Cannabis versus CBD
derived from Hemp, how can you allow the legacy of revitalizing American
Agriculture through the Farm Bill to just crumble, when it’s a quick fix to add
language to the Safe Banking Act?’”
Rez continued to discuss the balancing
act necessary when dealing with Cannabis legislation between the activist/grass
routes element of the cannabis industry and the reality of how bureaucratic
legislation is passed as well as the real time frame expectations for the Safe
Banking Act.
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