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Daniel P. Stipano quoted in American Banker article, “How hemp legalization could bolster marijuana banking bill”

American Banker

Daniel P. Stipano

Daniel P. Stipano was quoted on December 19, 2018 in an American Banker article, “How hemp legalization could bolster marijuana banking bill,” which discussed the potential for easing restrictions on marijuana following the legalization of hemp, a less potent substance of THC. The article stated, “Hemp legalization along with signs of bipartisan House support for recognizing state marijuana laws are being viewed as positives. Many observers say the business challenges faced by banks and cannabis businesses trying to navigate the legal mine field has bolstered the case for federal clarity.”

Stipano noted, “There is a growing, bipartisan recognition that the status quo is unacceptable.”

The article also discussed introduced bills set to help banks work with marijuana-related businesses. The article stated, “Still, even though bills have been introduced to help banks work with marijuana-related businesses, the current Republican-controlled House and Senate have yet to hold congressional hearings on the issue. If the House is able to pass legislation that would make it easier for banks to work with marijuana businesses in states where the substance is legal, it could put pressure on the Senate to at least consider the issue more seriously. But any legislation would likely need to be strongly bipartisan.” Stipano added, “I expect opposition in the Senate even if the House passes a bipartisan bill. But the more bipartisan the support in the House is, the more credible the effort will be in the Senate.”

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