“Everybody thinks it’s just around the corner. It’s going to happen. Just wait a few more months,” pointed out Anthony Coniglio, founder, president and CIO of NewLake Capital Partners Inc. NLCP during a discussion at the Benzinga Cannabis Capital Conference in Miami.

This quote sets the tone for a conversation that, contrary to the industry's optimism, paints a stark picture of the challenges the sector faces, especially regarding the much-discussed Secure and Fair Enforcement (SAFE) Banking Act.

"How is it to work without banking? I mean what do you think?" asked Maureen Meehan, Benzinga’s cannabis editor. Her question was timely. In September, former Sen. Cory Gardner (R-CO), former Rep. Ed Perlmutter (D-CO) and Reggie Babin of Akin Gump Strauss, Hauer & Feld will discuss the imperative for marijuana reforms at the Benzinga Cannabis Capital Conference in Chicago. Mark your calendar for September 27-28.

Related Content: Is Federal Cannabis Legalization A Double-Edged Sword? The Answer Is Complicated

Cannabis Banking Reform: Between Coniglio's Reality Check and the Industry's Unyielding Optimism

SAFE Banking legislation has been a focal point of many discussions surrounding the cannabis industry. Because marijuana remains illegal on the federal level financial institutions cannot provide services to licensed cannabis businesses in states with legal medical or recreational programs.

The response from Coniglio was sobering. “Yeah, a bad question to ask I’m going to give a depressing view on it,” he began, setting the stage for an eye-opener. “I don’t think we certainly don’t expect SAFE to pass.”

Related Content: Sherrod Brown Champions Cannabis Banking Reform: A Game-Changer Set To Triumph This Fall?

He further elaborated. “I always say this industry has the largest collection of optimists I’ve ever seen.” While optimism is palpable in most areas of the cannabis sector, Coniglio's viewpoint emphasized the need for pragmatism.

To outsiders or seasoned investors alike, this dialogue underscores the intense dynamics of the cannabis industry. The Department of Health and Human Services recently recommended reclassifying cannabis from Schedule I to Schedule III status. If successful, this could exempt cannabis companies from IRS Code 280E, facilitating federal tax reliefs.

Related Content: Chuck Schumer Pledges To Advance Cannabis Banking Reform, Calls For Unity To Avoid Govt Shutdown

To delve deeper into this prospective transformation in cannabis policy, the Benzinga Cannabis Capital Conference in Chicago on September 27-28 emerges as a pivotal event. All information is available on bzcannabis.com

"This industry has the largest collection of optimists. Everybody thinks change is just around the corner. But we don't think it's going to happen soon"
Anthony Coniglio of @NewLakeCapital at the @Benzinga Conference.
Curious? Join us in Chicago, Sept 27-28 -… pic.twitter.com/cmUynec6LD

— Javier Hasse (@JavierHasse) September 6, 2023