Cannabis Fintech Co. Regrets Negative Testimony On Marijuana Banking Bill, Now Urges Lawmakers To Support It

Some two weeks after the Senate Banking Committee led by Ohio Senator Sherrod Brown (D), Committee Chair, heard testimony on the SAFE Banking Act, Dama Financial, a cannabis-focused fintech company, opted to amend its testimony, reported Marijuana Moment.

Why?

In her testimony earlier this month, Michelle Sullivan, the company’s chief risk and compliance officer, said that “we should pause and provide more teeth to the existing bill to protect the financial and banking industry as a whole” instead of passing the legislation as it is. Sullivan referred to further refinements regarding compliance.

To settle the feathers among industry advocates and stakeholders who voiced opposition to Sullivan’s testimony, Dama said on Wednesday in its updated testimony, that the company “took an overly myopic focus drafting our testimony on banking compliance rather than balancing the testimony with why the benefits of the legislation outweigh the desire for future enhancements.”

The company, which provides cannabis businesses with access to banking and payment solutions, is now urging the Banking Committee leadership to pass the cannabis banking measure.

“By passing the SAFE Banking Act, federal lawmakers have an incredible opportunity to stand on the right side of history – all they need to do is act on this important bipartisan measure,” the company noted.

Interestingly, the company issued a press release earlier this month expressing regrets regarding their testimony on May 11.

“There is no such thing as perfect legislation, and we regret that our testimony did not highlight the bill’s merits and the urgent need for its passing,” Dama Financial made public said last week. “We accept full responsibility for the testimony and regret that we did not use this crucial opportunity to make our stance abundantly clear.”

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