Updated: Dec 26, 2019
On today's show: - Nikki gives 7 popular tips for dealing with holiday stress; - Congress' new SAFE Banking Act and what it means for CBD businesses.
Congress’ new bill, HR 1595, The SAFE Act…what it means for CBD business:
· Currently, banking laws frown on businesses that deal with cannabis products, such as CBD.
o Serving cannabis products violates the Bank Secrecy Act and other Anti-Money Laundering statutes and regulations.
o The basis for this is the universal predicate under all Anti-Money-Laundering statutes & regulations dictating that funds received in an illegal transaction are regarded as “tainted” for Anti-Money-Laundering purposes.
o The SAFE Act would abolish this prohibition by recharacterizing such funds as legal for Federal law purposes if generated in a transaction that is legal for state law purposes.
· The SAFE Act would also relieve bank officials from personal liability otherwise imposed by Federal Anti-Money Laundering laws.
· The SAFE Act would also provide a safe harbor for the provision of all regular banking services, including deposit account services and lending, as well as treasury and cash management and wire transfers to cannabis businesses as bank clients.
· However, as it currently stands, the SAFE Act falls short as it relates to the use of credit and debit cards as a routine part of the cannabis business, even in states where retail distribution and sales are legal.
o Currently, major credit card companies do not permit the use of the cards for cannabis-related transactions.
· As it stands now, Democrat Majority Leader, Chuck Schumer, says he has not looked at the bill yet, despite House passage in September.
· The bill is expected to easily pass the Senate but the Trump Administration has not yet announced its position. But based on the actions of the Administration with respect to the cannabis industry so far, I would expect the bill to become law shortly after reaching the President’s desk.
Drug Testing in Major League Sports
o Players with no previous violations are tested once in the off-season.
o 10 players per team are randomly selected each week.
o A positive test means the player is referred to the substance abuse program.
o 2nd violation = a fine of 2 game checks.
o 3rd violation = 4 game checks.
o 4th violation = 4 game suspension.
o 5th violation = 10 game suspension.
o 6th violation = 1 year banishment.
o Does not test players in the off-season.
o Players are subject to 4 random tests during the regular season.
o 1st positive test = player must enter the marijuana program.
o 2nd positive test = $25,000 fine.
o 3rd positive test = 5 game suspension…and 5 more games are added to each ensuing violation.
o Does not test its players for drugs of abuse.
o Only tests on players if there is a “reasonable cause” to do so.
o Positive test = might be subject to a treatment plan that can include fines for subsequent violations of the plan.
o Players are only suspended if they “flagrantly disregard the rules” or are believed to be a threat to the safety of fellow players.
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