- SAFE Banking Act would provide cannabis companies access to banking services that all other legal businesses have
- American cannabis companies would
be on more equal footing with Canadian cannabis peers with access to
depository and credit services
Medicine Man Technologies, Inc. (OTCQX: MDCL)
("Medicine Man Technologies" or the "Company") today applauded the
passing of the Secure and Fair Enforcement (SAFE) Banking Act by the
U.S. House of Representatives by a vote of 321-103. This proposed law
would protect financial institutions that serve cannabis-related
businesses from federal penalties in states where cannabis operations
are legal and would allow consumers the ability to legally purchase
cannabis products with other forms of payment besides cash. The bill now
moves to the Senate for a potential vote in that chamber.
"The passing of the SAFE Banking Act by the House is a monumental step forward for our industry, as it puts us closer to finally being on equal ground with other legal businesses in the U.S.," commented Andy Williams, Co-Founder and Chief Executive Officer of Medicine Man Technologies. "As an industry, we are currently being forced to operate as a cash-only business, which needlessly puts consumers and industry employees at a safety risk from incentivized crime and theft. We are happy to see the government finally recognize and address these issues. The 'Prohibition at all costs' way of enforcement is badly outdated and constrains our industry by placing excessive restrictions on what should be relatively routine financial transactions by us as a business as well as by our customers. Ultimately, it is hurting the American economy and the small business cannabis companies that are the heart and soul of our industry. Some of our Canadian cannabis peers enjoy appreciable advantages in this area, placing a further unnecessary burden on American cannabis companies. The SAFE Banking Act would be an absolute victory for common sense and would help American cannabis companies increase our competitiveness in the global cannabis market. We are really hopeful that the U.S. Senate will also pass the bill in the near future and excited about the prospects of banking flexibility as the industry continues to flourish."
For more information about Medicine Man Technologies, please visit https://www.medicinemantechnologies.com.
About Medicine Man TechnologiesDenver, Colorado-based Medicine Man Technologies (OTCQX: MDCL) is a rapidly growing provider of cannabis consulting services, nutrients, and supplies. The Company's client portfolio includes active and past clients in 20 states and seven countries throughout the cannabis industry. The Company has entered into agreements to become one of the largest vertically integrated seed-to-sale operators in the global cannabis industry. Current agreements will enable Medicine Man Technologies to offer cultivation, extraction, distribution, and retail pharma-grade products internationally. The Company's intellectual property includes the "Three A Light" methodology for cannabis cultivation and pending acquisition candidate MedPharm's GMP-certified facility, which has the first cannabis research license to conduct clinical trials in the United States. Management includes decades of cannabis experience, a unique combination of first movers in industrial cannabis, and proven Fortune 500 corporate executives.
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