Sen. Booker Sees Hope for Reform Around Banks and Cannabis

Cory Booker, Congress, Marijuana, cannabis, legislation, banking

Cannabis — an industry around which many digital tools have arisen — may benefit from new legislation.

Seeking Alpha reported Monday (Jan. 30) that Sen. Cory Booker, D-N.J., believes broad marijuana legislation has good prospects in Congress, telling that with the new Republican majority, it would be “harder but not impossible.”

“The urgencies that push us towards some kind of partnership are still there, on the business side as well as the restorative justice side,” Booker said, according to the report.

In the past, Booker has pushed for a bill that would legalize cannabis and allow companies in the industry to work with U.S. banks, the Seeking Alpha report said.

In July, PYMNTS reported that the SAFE Banking Act, which would protect banks that do business with cannabis companies from the penalties of federal regulators, has made it through the House in one form or another seven times.

Cannabis stocks in the United States and Canada typically rise when legal reforms are proposed, as they did in December when President Joe Biden signed a marijuana research bill into law, according to an earlier Seeking Alpha report.

As PYMNTS reported Jan. 16, FinTechs and others have been gearing up for growth in the cannabis industry in the states where marijuana has been legalized.

In November, cannabis sales platform POSaBIT teamed with delivery management company Onfleet to create more efficiency for its cannabis industry customers.

Earlier that month, enterprise commerce technology platform Treez completed its acquisition of payment solutions platform Swifter, adding its roster of retail cannabis clients to that of Treez.

In August, Bespoke Financial announced plans to expand its B2B buy now, pay later offering for cannabis dispensaries in California and Massachusetts.

Similarly, days before, Aeropay teamed with Dispense to help cannabis dispensaries offer cashless payment at checkout.

Aeropay also teamed up with delivery service Flyhi to bring contactless, cashless cannabis delivery payments to consumers and businesses in Denver.

“Our vision has always been to facilitate better payment options for consumers and businesses,” Aeropay CEO and Founder Daniel Muller said Aug. 17 when announcing the delivery partnership. “Reliance on cash payments is a major burden for most cannabis businesses, and we’re proud to partner with Flyhi to create a cashless cannabis delivery experience that is safe, compliant and cashless.”