MJBizMag March 2022 - 37

In addition to giving money to
states to help them administer
expungements of cannabis offenses,
HOPE would require states to report
about the impacts of marijuana
prohibition on communities and
individuals.
" It's a pretty powerful tool in
advancing criminal justice, " Hawkins
said of the legislation.
Rachel
Gillette
The current situation " creates
this tremendous safety issue for a
multibillion-dollar industry, " she said.
Cannabis businesses fortunate
enough to get bank accounts pay
exorbitant fees as high as $15,000
to move money between the accounts,
she said.
" I don't think people recognize how
expensive (cannabis) banking is, "
she said.
A Long Time Coming
For marijuana businesses, frustration
is growing over the lack of progress on
Capitol Hill.
Rachel Gillette, head of the new
cannabis industry group at the Denverbased
law firm Holland & Hart, said
she was a " little offended by the kind
of horse trading " that resulted in the
SAFE Banking measure coming out of
the defense spending bill.
" I'm really disappointed because I
think (SAFE Banking) is such a necessary
concept for cannabis businesses to exist
in the modern world. "
Gillette said cash control is one of
the biggest issues her clients deal with,
and it seems as if everyone would be
better served-the federal government
included-if state-legal marijuana
businesses could access traditional
financial services.
Gillette added that she just wants
some progress in federal marijuana
reform to be made in Congress.
" At this point, I think I'll take
anything, " she said.
Jeff Smith covers
government and regulatory
issues for MJBizDaily.
Reach him at jeff.smith@
mjbizdaily.com.
mjbizdaily.com | March 2022 37

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MJBizMag March 2022

Table of Contents for the Digital Edition of MJBizMag March 2022

MJBizMag March 2022 - 1
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