Connected Industry Veteran On What We Should Anticipate In The Upcoming SAFE Banking Hearing

On today’s Trade to Black podcast, Shadd Dales and Ben Smith are joined by Rob Sechrist, President of Pelorus Equity Group and Co-Manager of the Pelorus Fund. Sechrist gives us his thoughts on what’s going on now with the beleaguered SAFE Banking Act and it’s upcoming hearing. The hearing is scheduled for May 11, but will we ever see this act happen?

The SAFE Banking Act is proposed US legislation that seeks to provide legal protection for financial institutions that work with state-legal cannabis businesses despite cannabis being illegal federally. It would prevent federal banking regulators from penalizing these institutions, but it has been ten years since the legislation was first introduced to congress. Naturally, there’s some mixed feelings from a great many people on whether it will ever become a reality.

Rob Sechrist and Shadd were at a fundraiser in Miami recently where they had a chance to speak with congressman Dean Phillips on the subject of the SAFE Banking Act. As you might guess, it was a hot topic of conversation there, too. Rob gives a quick recap for listeners who haven’t had a chance to listen to the interview on the big takeaway and the congressman’s approach. There’s been worries about the new house leader and his conservative district presenting some additional choke points to SAFE Banking.

Ben feels like there’s positive things to take away, especially given that the Senate Banking Committee still appears to be pushing ahead with the hearing for SAFE Banking. However, the recent banking crisis is taking a lot of the Senate Banking Committee’s time. Rob is pessimistic about whether they’re ready to take it on and he shares some inside info from his friends in banking.

Be sure to also check out our recent Trade To Black podcast featuring Co-founder and Managing Partner of Entourage Effect Capital, Matt Hawkins, and his ‘encouraged’ thoughts on SAFE Banking.