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 site, www.potcasts.ca release today’s edition of Investorideas.com potcastsCM - cannabis news and stocks to watch plus insight from thought leaders and experts.
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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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