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Cannabis Banking Bill May Falter (Again) Despite State Support

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Cannabis Banking Bill May Falter Again Despite State Support

Many state leaders are hoping the fourth time’s the charm for a federal bill that would protect banks from being penalized for serving licensed cannabis businesses. Many banks are reluctant to work with marijuana businesses or people in the industry because federal law says the plant is a dangerous drug.

Seventeen state treasurers and attorneys general from 34 states and four U.S. territories back the Secure and Fair Enforcement Banking Act, authored by U.S. Rep. Ed Perlmutter, Democrat of Colorado. They argue that under current law, licensed marijuana businesses are pushed out of the banking system, leaving them dependent on cash, a target for crime and harder to tax and regulate.

The National Association of State Treasurers also has called for law changes, and the Michigan House last week adopted a resolution asking Congress to pass Perlmutter’s banking bill.

But despite mounting pressure from the states, congressional support is far from a sure thing.

“The biggest issue is building a political campaign around the issue,” said Michael Correia, director of government relations for the National Cannabis Industry Association, a nonprofit trade group. He said that while most members of the U.S. House support a banking fix — over a third of members have co-sponsored the House bill — support is weaker in the Senate.

The chairman of the Senate Committee on Banking, Housing and Urban Affairs, Idaho Republican Mike Crapo, hasn’t committed to holding a hearing yet, according to Amanda Critchfield, communications director for the committee.

While the House Financial Services Committee approved the banking bill on March, 15 of 26 Republicans voted against it, including U.S. Rep. Patrick McHenry of North Carolina, the committee’s ranking member.

“We need to ensure we’re doing our due diligence before proceeding,” McHenry said in a statement. “One committee hearing is not enough to fully understand the consequences of this bill.”

In a March letter to the committee’s Democratic leaders, McHenry and Republican U.S. Rep. Blaine Luetkemeyer of Missouri listed 15 questions the legislation raises, such as how it would affect the enforcement of anti-money laundering regulations.

As marijuana legalization spreads, more businesses and states are running into the banking problem. Today 10 states allow adults to possess small amounts of marijuana, and more than 30 states allow adults to use marijuana if they have a prescription.

Legal weed has become a multibillion-dollar industry, generating hundreds of millions of dollars in tax revenue for states such as Colorado and Washington.

Why Marijuana Businesses Still Can’t Get Bank Accounts

Marijuana businesses currently can access limited banking services, thanks to guidance issued by the Justice and Treasury departments during the Obama administration. In 2014, the agencies said financial institutions could serve marijuana businesses if they carefully monitored the accounts for nefarious activities, such as selling marijuana to minors and regularly reported to the Treasury.

These days, a growing number of financial institutions are willing to offer a basic business checking account, said Andrew Freedman, co-founder, and partner at Freedman & Koski, a cannabis policy consulting firm. “They’re pricey, but they’re available in most states.”

But cannabis companies can’t qualify for traditional bank loans or process credit card transactions. For dispensaries, handling cash transactions is the norm.

Nearly 500 banks and credit unions nationwide serve the marijuana industry, according to the latest report from the Treasury’s Financial Crimes Enforcement Network. Marijuana money is typically handled by local, state-chartered banks and credit unions.

Banks’ ability to handle marijuana money was thrown into doubt last year when then-Attorney General Jeff Sessions rescinded the Justice Department guidance. But the Treasury’s guidance hasn’t changed, and banks and credit unions have continued to serve cannabis clients under the Obama-era rules.

However, the marijuana industry and many state officials argue that the services available are insufficient.

Safe Harbor Services, a wholly owned subsidiary of Partner Colorado Credit Union, has been helping credit unions and banks in about 10 states create systems and procedures for managing cannabis accounts.

Safe Harbor itself currently manages 137 marijuana-related accounts for financial institutions nationwide, in addition to 325 marijuana-related accounts managed by Partner Colorado Credit Union.

“At any given time, we typically have a waiting list and a queue of accounts that we are trying to open up and process that’s over 100 deep,” said Katrina Skinner, president of Safe Harbor Services. “I would say there’s still a huge demand, especially in newer states where legalization has just happened.”

“We do hear from licensees that the majority of businesses have access to banking services,” said Shannon Gray, marijuana communications specialist at the Colorado Department of Revenue. “That is not federal banking, that’s credit unions and that’s cash transfers.”

In some cases, she said, businesses must pay very high fees for banking services.

Colorado Attorney General Phil Weiser, a Democrat who rallied his fellow attorneys general to support Perlmutter’s legislation, said that the lack of banking services creates a public safety risk.

“For too long, the status quo has pushed legitimate businesses outside the banking system and into cash-dependent models, creating a lucrative target for violent and white-collar crime,” he said in a public statement announcing the letter earlier this month.

Marijuana businesses comprise about 1% of Denver businesses but report about 10% of business burglaries, according to the city’s latest report on the marijuana industry.

Trump Administration’s Shift on Marijuana Could Imperil Banking Arrangements

The cannabis banking bill introduced in the U.S. House and Senate each session since 2013 wouldn’t entirely fix the problem, but it would give banks and credit unions more assurance that they won’t face blowback from regulators for taking marijuana money from businesses obeying state law.

The legislation could encourage more bank and credit union leaders to work with marijuana businesses, Skinner said.

The bill’s opponents, however, argue that banks will continue to risk prosecution so long as marijuana remains illegal at the federal level.

“The people and businesses who deposit the proceeds from the sales of high potency marijuana, concentrates, and gummies will still be violating the Controlled Substances Act,” Jonathan Talcott, chairman of the board of Smart Approaches to Marijuana, a nonprofit that opposes legalizing marijuana sales, told the House Financial Services Committee in February in prepared remarks.

Perlmutter’s bill has failed to gain traction in years past. Still, the bill’s supporters remain hopeful. Younger congressmen and women from states that have legalized marijuana tend to be more supportive of a banking fix, Correia said.

“Every year, the support in Congress is going to grow,” he said. “You can’t put the genie back in the bottle. We’re not going to go backward.”

Walmart Is Quietly Closing Stores

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Walmart Is Quietly Closing Stores — Here’s The Full List

Business Insider

Walmart Neighborhood Market
  • Walmart is closing or has already closed at least 15 stores in the US and Canada.
  • The US stores include Walmart Supercenters in Dallas and Lafayette, Louisiana, as well as Walmart Neighborhood Market stores in Arizona, California, Kansas, South Carolina, Tennessee, Virginia, and Washington.
Walmart is closing or has already closed at least 15 stores across 10 US states and Canada.

The stores include Walmart Supercenters in Dallas and Lafayette, Louisiana, as well as Walmart Neighborhood Market stores in Arizona, California, Kansas, South Carolina, Tennessee, Virginia, and Washington.

The closing date for most of the affected stores was April 19, according to employees of those stores, who confirmed the closings to Business Insider. A store in Bedford, New Hampshire, is expected to close in June.

Walmart representatives previously confirmed the closings to various local media outlets but did not immediately return Business Insider’s request for comment.

Walmart Neighborhood Markets are about one-fifth the size of a Walmart Supercenter, and they are typically found in areas that are more urban than locations for Supercenters. These stores focus primarily on selling groceries.

Read more: Walmart US CEO says half his store visits make him ‘grumpy’ — and he’s turning up the heat on managers

Walmart said last month that it planned to open fewer than 10 new stores over the next year. The company did not provide guidance on closings at the time.

Walmart has more than 4,700 stores in the US, with 3,570 Supercenters and nearly 700 Neighborhood Markets.

“LEFT JAB AND RIGHT JAB” May 31, 2019

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“LEFT JAB AND RIGHT JAB”

“Right Jab And Left Jab” was created because we have two commenters that post on a daily basis either in our “IS IT TRUE” or “Readers Forum” columns concerning National or International issues.
Joe Biden and Ronald Reagan’s comments are mostly about issues of national interest.  The majority of our “IS IT TRUE” columns are about local or state issues, so we have decided to give Mr. Biden and Mr. Reagan exclusive access to our newly created “LEFT JAB and RIGHT JAB”  column. They now have this post to exclusively discuss national or world issues that they feel passionate about.
We shall be posting the “LEFT JAB” AND “RIGHT JAB” several times a week.  Oh, “Left Jab” is a liberal view and the “Right Jab is representative of the more conservative views. Also, any reader who would like to react to the written comments of the two gentlemen is free to do so.

FOOTNOTE: Any comments posted in this column do not represent the views or opinions of the City-County Observer or our advertisers

St. Vincent Evansville Birth Announcements for May 28, 2019

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Demitria and Eric Westlund, Princeton, IN, daughter, Corah Jane, May 17

Chelsie and Kevin Ziegler, Henderson, KY, daughter, Ava May, May 18

Heather and Tanner Wedding, Evansville, son, Hampton Eugene, May 19

Misty Reese and Jason Dickens, Evansville, son, Alexander Christian, May 20

Jada Cox and Andre Campbell, Evansville, daughter, Ayvah Bre’ayle, May 20

Leticia Hernandez and Billy Gonterman, Evansville, son, Rowen Alexander, May 20

Toni and Zachary Mason, Evansville, son, Declan Gene, May 20

Jessica and Kurtis Goebel, Evansville, son, Bennett Edward, May 20

Patricia and Spencer Goodyear, Mount Vernon, IN, son, Finley James, May 20

Alicia and Matthew Nichols, Evansville, son, John Paul Andrew, May 20

Misty Reese and Jason Dickens, Evansville, son, Alexander Christian, May 20

Stephanie Keneipp and Ramiro Xoca Xolo, Mount Carmel, IL, daughter, Sara Leticia, May 21

Kayla Engel and Steven Hyatt, Mount Carmel, IL, son, Gunner Matthew, May 21

Samantha and Cody Hanley, Henderson, KY, son, Rhett Theroux, May 21

Kendra Brown and Adam Capehart, Evansville, daughter, Vada Rose, May 22

Shelby and Nathan Preston, Evansville, son, Timothy Owen, May 22

Katelyn and Joshua Brown, Mount Carmel, IL, daughter, Layla Renee, May 24

Kyra and Kevin Goines Jr., Evansville, son, Kevin Lamont III, May 24

Natalie Eubanks and Jarvis Ward, Evansville, daughter, Arielle Lucille, May 25

Kelsey Moore and Michael Allen, Evansville, daughter, Ariana Grace, May 25

 

Vanderburgh County Felony Charges

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 Evansville, IN – Below are the felony cases to be filed by the Vanderburgh County Prosecutor’s Office today.

Mark Anthony Border: Possession of a synthetic drug or synthetic drug lookalike substance (Level 6 Felony)

Ronald Maurice Lemon: Theft (Level 6 Felony), Possession of a controlled substance (Class A misdemeanor)

Bryant Mykal Mathis: Possession of a synthetic drug or synthetic drug lookalike substance (Level 6 Felony)

Uber Perez-Labano: Domestic battery (Level 6 Felony)

William Joseph Pittman: Possession of a narcotic drug (Level 6 Felony)

James L. Robinson: Attempt Domestic battery by means of a deadly weapon (Level 5 Felony), Domestic battery (Class A misdemeanor)

Michael Dean Weddle: Domestic battery (Level 5 Felony), Attempt Domestic battery by means of a deadly weapon (Level 5 Felony)

Matthew Robert Bailey: Possession of a synthetic drug or synthetic drug lookalike substance (Level 6 Felony)

HOT JOBS IN EVANSVILLE

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Raise Bore Operator
SBI Raise Boring – Evansville, IN
Valid Driver’s License. Must possess good communication, arithmetic, data entry and recording skills. Possess working electrical knowledge….
Easily apply
Sponsored
Mail Clerk
Exela Technologies 2.9/5 rating   923 reviews  – Evansville, IN
Qualified applicants will considered for employment without regard to their race, color, creed, religion, national origin, ancestry, citizenship status, age,…
Easily apply
May 25
Attendance Clerk
Evansville Vanderburgh School Corporation 3.7/5 rating   46 reviews  – Evansville, IN
$10.14 an hour
This position will automatically be enrolled in the Public Employees’ Retirement Fund (PERF) through the state of Indiana, which includes a defined benefit …
May 24
Part-Time Store Associate
ALDI 3.4/5 rating   5,392 reviews  – Evansville, IN
$13.50 an hour
Meets any state and local requirements for handling and selling alcoholic beverages. Whether it’s in customer service or our exceptional products, we owe our…
May 23
Order Entry Representative
Koch Air 3.1/5 rating   17 reviews  – Evansville, IN
Answer phones in a professional manner. Koch Air is seeking an Order Entry Representative to join our Evansville team!…
May 23
Shelter Assistant
YWCA Evansville – Evansville, IN
Responsive employer
$10 an hour
The YWCA of Evansville is looking for a team player to work with other staff members during the weekends in a respectful manner, in providing an abuse free and…
Easily apply
May 23
Front Desk
Eye-Mart 2.9/5 rating   7 reviews  – Evansville, IN
A Front Desk Associate is responsible for processing and maintaining established patient records while providing outstanding customer service to the patients….
Easily apply
May 27
Receptionist
Select Specialty Hospital 3.2/5 rating   866 reviews  – Evansville, IN
As a Receptionist, you will be responsible for receiving incoming phone calls and assisting customers with appropriate directions and information….
May 23
Pet Sitting
Care.com 4.2/5 rating   1,141 reviews  – Evansville, IN
Need someone to walk for my emotional support dog, Lola, while I perform my Internship for masters program…..
May 23
F & I Manager
Expressway Auto Group – Evansville, IN
Understand and comply with federal, state and local regulations that affect the used vehicle finance and insurance….
Easily apply
Sponsored
Customer Service Rep, Work From Home, English/Spanish Speaker Required
HelpGrid – United States
$11.00 – $12.50 an hour
Answer customer calls inquiring who the company is. If the answer is “yes”, keep reading. If you like being part of the front line, providing world-class…
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Sponsored
Electronic Home Detention
ABK Tracking – Evansville, IN
Full time position open for monitoring and case management of Electronic Home Detention for court ordered programs….
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Sponsored

ADOPT A PET

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Derby is a female Collie mix. She looks like a little coyote! And she actually might be pretending to be one – she was found as a stray out in the country. She is only about 7 months old and has not been reclaimed by any owners. Her adoption fee is $110 and includes her spay, microchip, vaccines, and more. Contact Vanderburgh Humane at (812) 426-2563 for adoption details!

 

Zoo Brew

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Tap into your wild side at Zoo Brew! This adults-only event takes place at the Zoo after hours. Sample beers from local, regional, and national brewers and wineries. Enjoy live music and more!

Ticket Pricing:
General Admission – $35
VIP (limited) – $75

This is a 21+ event and no person under the age of 21 will be permitted (this includes infants and young children). All attendees are required to show a valid ID. Rain or shine, tickets are non-refundable.

Board of Park Commissioners Regular Meeting

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BOARD OF PARK COMMISSIONERS

REGULAR MEETING

KEVIN WINTERNHEIMER CHAMBERS

ROOM 301, CIVIC CENTER COMPLEX

WEDNESDAY, JUNE 5, 2019

12:00 NOON

 AGENDA

1.      CALL TO ORDER

2.      MEETING MEMORANDUM   MAY 15, 2019

3.      CONSENT AGENDA                                                

              

  1. Request Re: Approve and Execute Use Agreement with Demolition City Roller 

Derby. Inc. at Swonder Ice Arena. – Crook

b.    Request Re: Approve and Execute Rental Agreement for Hartke Pool with Boonville

                Dolphins.- Stahl

c.    Request Re: Approve and Execute Rental Agreement for Hartke Pool with Great 

Swimming, Inc.-Stahl 

         d.   Request Re: Approve and Execute payment for Greenway Slide Remediation Project:

               Blankenberger Brothers, Inc. in the amount of $46,224.00

               Morley and Associates, Inc. in the amount of $5,799.00

               

                  

4.      OLD BUSINESS  

           

  1. Request Re: Approve and Execute Agreement for Purchase of Sale of Real Estate

located at 1720 Read St. with Daniel Payne.- Stahl

 

5.       NEW BUSINESS  

          

          a.    Request Re: Any Other Business the Board Wishes to Consider and Public Comments

6.        REPORTS

          

           a.   N/A

                      

7.        ACCEPTANCE OF PAYROLL AND VENDOR CLAIMS

 

8.        ADJOURN

Ruthie Mae (Rolland) Gaither

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Ruthie Mae (Rolland) Gaither, the daughter of the late Priscilla “Mom P” Stewart Lee and Rosenau Rolland went home to be with the Lord on Thursday, May 23, 2019 at 10:30 am in Owensboro, KY. She was born December 19, 1922 in Selma, Alabama and professed a hope in Christ at an early age.

After moving to Providence KY, she joined Pleasant Hill Baptist Church and married Ray Franklin Gaither, Sr. Together, they raised 13 children.

Ruthie was a faithful member of Pleasant Hill where she served in many positions in the church: she was President of the Choir, Matron’s Auxiliary, and President of the General Mission Circle #4 of the First District. She was also a Past Matron of Ruth Chapter #26 Order of Eastern Star, Prince Hall Affiliated; a Kentucky Colonel; a member of Webster County Women’s Democratic Club; and a member of the NAACP (Webster County Providence Branch).

Ruthie was a caregiver to many children. She worked at the Senior Citizen Nursing Home and Kentucky Rest Haven of Madisonville KY. She also worked as a Senior Companion where she later retired.

She was preceded in death by her parents; her husband, Ray F. Gaither Sr.; her sister, Velma L. Carey; her brother, Ezra Rolland; and five children: Armond, Rena, James Burl, Dana and Theresa.

She leaves behind nine children: Ludella Grinstead, Velma Flemmings, Ray (Margie) Gaither, Jr., Rosie Gaither, Frank (Sharon) Gaither, Christia (Ray) Frazier, Diana Morris, Kathy (Sherman) Tinsley, and the “Baby Girl,” Elaine Gaither; one sister-in-law, Norman Gaither; 26 grandchildren; 59 great-grandchildren; 19 great-great grandchildren; and a host of nieces, nephews, and cousins and many friends.

Services are Friday, May 31, 2019 at 1:00pm at Pleasant Hill Baptist Church in Providence, KY with visitation from 11:00am until service time. Another visitation will be held Thursday, May 30, 2019 from 5:00pm – 7:00pm at Zion Baptist Church, 2311 West 9th Street, Owensboro, Kentucky. Burial at Cumberland Hills Cemetery in Providence.