DENVER, Sept. 26, 2019 /PRNewswire/ -- Medicine Man Technologies, Inc. (OTCQX: MDCL) ("Medicine Man Technologies" or the "Company") today applauded the passing of the Secure and Fair Enforcement (SAFE) Banking Act by the U.S. House of Representatives by a vote of 321-103. This proposed law would protect financial institutions that serve cannabis-related businesses from federal penalties in states where cannabis operations are legal and would allow consumers the ability to legally purchase cannabis products with other forms of payment besides cash. The bill now moves to the Senate for a potential vote in that chamber.
Currently, and if the SAFE Banking Act does not ultimately get signed into law, businesses engaged in cannabis operations are prohibited from traditional financial services offered by banks, credit unions, and insurance providers, as this is considered "money laundering" due to cannabis still being considered a controlled substance at the federal level. This means that cannabis businesses do not have access to ordinary banking services, such as checking accounts, loans, electronic funds transfer (EFT), and credit cards that other businesses and industries do.
"The passing of the SAFE Banking Act by the House is a monumental step forward for our industry, as it puts us closer to finally being on equal ground with other legal businesses in the U.S.," commented Andy Williams, Co-Founder and Chief Executive Officer of Medicine Man Technologies. "As an industry, we are currently being forced to operate as a cash-only business, which needlessly puts consumers and industry employees at a safety risk from incentivized crime and theft. We are happy to see the government finally recognize and address these issues. The 'Prohibition at all costs' way of enforcement is badly outdated and constrains our industry by placing excessive restrictions on what should be relatively routine financial transactions by us as a business as well as by our customers. Ultimately, it is hurting the American economy and the small business cannabis companies that are the heart and soul of our industry. Some of our Canadian cannabis peers enjoy appreciable advantages in this area, placing a further unnecessary burden on American cannabis companies. The SAFE Banking Act would be an absolute victory for common sense and would help American cannabis companies increase our competitiveness in the global cannabis market. We are really hopeful that the U.S. Senate will also pass the bill in the near future and excited about the prospects of banking flexibility as the industry continues to flourish."
For more information about Medicine Man Technologies, please visit https://www.medicinemantechnologies.com.
About Medicine Man Technologies
Denver, Colorado-based Medicine Man Technologies (OTCQX: MDCL) is a rapidly growing provider of cannabis consulting services, nutrients, and supplies. The Company's client portfolio includes active and past clients in 20 states and seven countries throughout the cannabis industry. The Company has entered into agreements to become one of the largest vertically integrated seed-to-sale operators in the global cannabis industry. Current agreements will enable Medicine Man Technologies to offer cultivation, extraction, distribution, and retail pharma-grade products internationally. The Company's intellectual property includes the "Three A Light" methodology for cannabis cultivation and pending acquisition candidate MedPharm's GMP-certified facility, which has the first cannabis research license to conduct clinical trials in the United States. Management includes decades of cannabis experience, a unique combination of first movers in industrial cannabis, and proven Fortune 500 corporate executives.
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SOURCE Medicine Man Technologies, Inc.