“One of the things that benefits this debate is that hemp companies and CBD companies are also having a tough time getting banking, and those things are legal. Creating some better clarity around all of this stuff will make it better for everybody,†said Troy Dayton, CEO and co-founder of cannabis investment and market research firm Arcview Group.
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But even those bullish on the cannabis industry acknowledge that winning enough bipartisan support to clear a GOP-led Senate won’t be easy, especially with the impeachment imbroglio overshadowing other political priorities.
I’d love to see it and I’m hopeful that it passes, but get more info I’m not optimistic,†said Micah Tapman, chairman of cannabis market research firm BDS Analytics, adding that there is “massive growth potential†for the industry once legal barriers are eliminated.
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“It passed the House, but it’s a Republican-dominated Senate, so I’m putting it at 50-50 that it’s going to pass,†said Tony Bautista, former treasurer of a regional California cannabis trade association and founder and CEO of Ganiyan, a CBD company.
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Bautista, whose company makes and sells single use “k-cup†pods of non-THC-containing hemp, along with smoking devices, called his experiences with banks “beyond frustrating.†After being turned down by numerous institutions, Bautista said he eventually found one willing to let him open a business account because he uses the hemp flower, as opposed to extracting the CBD.