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美國(guó)國(guó)會(huì)審議新銀行法案,有望激活大麻產(chǎn)業(yè)

美國(guó)國(guó)會(huì)審議新銀行法案,有望激活大麻產(chǎn)業(yè)

Rey Mashayekhi 2019-04-27
目前大麻行業(yè)依然受到金融方面的限制,這一局面有望改變。

美國(guó)大麻行業(yè)進(jìn)入了繁榮期。目前已經(jīng)有10個(gè)州和華盛頓將娛樂(lè)用大麻合法化,大量含有大麻二酚的產(chǎn)品也出現(xiàn)在美國(guó)各地的店鋪中,比如添加大麻二酚的護(hù)膚霜、蛋白棒和紅茶菌飲料。

但說(shuō)到大多數(shù)公司都習(xí)以為常的金融服務(wù),大麻相關(guān)企業(yè)就會(huì)發(fā)現(xiàn)自己仍然被排除在主流之外。按照美國(guó)法律,大麻依然是一級(jí)管制藥品,這就意味著在為大麻公司提供資金方面,大多數(shù)銀行仍然會(huì)小心翼翼,以免觸犯聯(lián)邦法規(guī)(一個(gè)很好的例子就是,本周有消息稱加拿大主要大麻企業(yè)Canopy Growth已經(jīng)就收購(gòu)美國(guó)大麻公司Acerage Holdings達(dá)成協(xié)議,收購(gòu)價(jià)為34億美元。前提條件是:只有在美國(guó)將大麻合法化以后,此項(xiàng)交易才能付諸實(shí)施)。

實(shí)際上,在企業(yè)貸款、支薪服務(wù)和電子支付方式(包括信用卡,大多數(shù)藥房都不接受信用卡付款)等諸多方面,大麻行業(yè)依然受到限制。不光是直接接觸大麻的企業(yè),與大麻行業(yè)有關(guān)的輔助型公司也是如此,大麻相關(guān)收入有可能使其被銀行拒之門外。

科羅拉多州大麻二酚產(chǎn)品公司Cannovia的首席執(zhí)行官布萊恩·鮑姆表示:“金融服務(wù)業(yè)真的不愿意在這個(gè)領(lǐng)域冒任何風(fēng)險(xiǎn),無(wú)論是傳統(tǒng)銀行賬戶還是貿(mào)易服務(wù),甚至包括保險(xiǎn)?!彼貞浾f(shuō),Cannovia在購(gòu)買董事和高管責(zé)任保險(xiǎn)時(shí)就遇到了困難。他們接觸了23家保險(xiǎn)公司,“其中21家甚至拒絕就此報(bào)價(jià)”。

在大麻的諸多用途已經(jīng)變得合法的州,一些大麻公司轉(zhuǎn)而找上了愿意幫助它們的政府特許信用合作社,以此取代大型全國(guó)性銀行和金融機(jī)構(gòu)。如若不然,許多大麻公司就會(huì)發(fā)現(xiàn)自己不得不靠現(xiàn)金運(yùn)轉(zhuǎn),同時(shí)又坐擁大量紙幣。這種情況顯然存在安全風(fēng)險(xiǎn)和不便之處。

但美國(guó)國(guó)會(huì)正在審議的兩項(xiàng)法案有望扭轉(zhuǎn)上述局面,而且有可能讓金融機(jī)構(gòu)向急需銀行服務(wù)的大麻公司敞開大門。

上個(gè)月,眾議院金融服務(wù)委員會(huì)在最近的一次審議中批準(zhǔn)了《安全和公平執(zhí)法銀行法案》。該法案六年前問(wèn)世,現(xiàn)已獲得民主、共和兩黨議員的廣泛支持,看來(lái)有望在眾議院進(jìn)行投票。眾議院審議的這項(xiàng)法案和本周在參議院提出的相應(yīng)法案旨在為大麻合法化的州中跟大麻公司打交道的金融機(jī)構(gòu)提供“安全港”,以免它們因?yàn)榻邮苓@種聯(lián)邦政府禁止且管制的藥品帶來(lái)的交易所得而遭到聯(lián)邦政府部門起訴。美國(guó)財(cái)政部部長(zhǎng)史蒂文·努欽等人已經(jīng)對(duì)該法案表示支持。

與此同時(shí),最近重新提出的《委托州政府以強(qiáng)化第十修正案法案》,簡(jiǎn)稱《STATES法案》正打算從另一個(gè)角度來(lái)解決同樣的問(wèn)題?!禨TATES法案》也得到了兩黨議員的廣泛支持,其目的是修訂1970年通過(guò)的藥物管制法。該管制法將大麻列為一級(jí)管制藥品,《STATES法案》則是要限制聯(lián)邦政府機(jī)構(gòu)針對(duì)大麻已合法化的州中的個(gè)人和企業(yè)執(zhí)行1970年藥物管制法的能力。

司法部部長(zhǎng)威廉·巴爾上周在參議院某個(gè)分委員會(huì)發(fā)言時(shí)表示,他將支持允許各州“自行作出決定”的措施。他還說(shuō),自己更喜歡“《STATES法案》提出的方法,而不是現(xiàn)行措施”。

仍有污名

當(dāng)然,上述兩項(xiàng)法案均未實(shí)現(xiàn)大多數(shù)大麻行業(yè)觀察人士和參與者的愿望,那就是不再將大麻列為聯(lián)邦政府一類管制藥品(兩位民主黨總統(tǒng)候選人——參議員科里·布克和眾議員圖爾西·賈巴德今年均以此為目的提出了各自的議案)。但這兩項(xiàng)法案均從法律角度闡明了金融機(jī)構(gòu)擔(dān)心觸犯聯(lián)邦法規(guī)的問(wèn)題,從而有望改善合法大麻企業(yè)運(yùn)營(yíng)能力受到制約的現(xiàn)狀。

AmeriCann擁有并經(jīng)營(yíng)著大麻種植園和大麻加工廠,該公司的首席執(zhí)行官蒂姆·基奧認(rèn)為:“聯(lián)邦禁令帶來(lái)的不確定性讓銀行態(tài)度謹(jǐn)慎,它們擔(dān)心的不是大麻,而是那條禁令。我們和傳統(tǒng)銀行人士溝通過(guò),他們不反對(duì)大麻……[讓他們敬而遠(yuǎn)之的]是州法令和聯(lián)邦法規(guī)之間的沖突?!?/p>

到目前為止,銀行業(yè)一直對(duì)國(guó)會(huì)調(diào)整相關(guān)監(jiān)管法規(guī)的工作顯得很熱心。美國(guó)銀行家協(xié)會(huì)在寫給國(guó)會(huì)的信中表示該組織支持這兩項(xiàng)法案。該協(xié)會(huì)的總裁兼首席執(zhí)行官羅伯·尼古拉斯將眾議院金融服務(wù)委員會(huì)上個(gè)月通過(guò)《安全和公平執(zhí)法銀行法案》的消息稱為“重要的一步,其作用是向州和聯(lián)邦大麻法規(guī)沖突所困擾的金融機(jī)構(gòu)闡明監(jiān)管和法律問(wèn)題”。

但并不是所有和大麻行業(yè)有關(guān)的人都看好上述法案獲得國(guó)會(huì)批準(zhǔn)的前景及其成為法律后的效果。為大麻公司安排金融服務(wù)的中介機(jī)構(gòu)FINCANN的首席執(zhí)行官納撒尼爾·古里安說(shuō),他認(rèn)為《安全和公平執(zhí)法銀行法案》“今年獲得批準(zhǔn)的幾率可能不到50%。也就是說(shuō)明年該法案沒有任何機(jī)會(huì)”,因?yàn)?020年大選前“政治熱度將上升”。

此外,古里安還認(rèn)為,許多金融機(jī)構(gòu)的董事會(huì)偏保守而且風(fēng)險(xiǎn)意識(shí)強(qiáng),此項(xiàng)法案無(wú)法消除大麻話題在他們眼中的污名。他說(shuō),有可能促使其轉(zhuǎn)變觀念的唯一措施是“不再將大麻列為一類管制藥品”。

洛杉磯律師事務(wù)所Snell & Wilmer的一位律師喬?!な┠蔚侣鼮榇舐樾袠I(yè)客戶提供咨詢服務(wù),他也指出,當(dāng)前對(duì)《安全和公平執(zhí)法銀行法案》的審議仍未觸及眾多灰色地帶,比如說(shuō),如果銀行沒有藥房等大麻相關(guān)業(yè)務(wù)的經(jīng)營(yíng)牌照,它們是否可以取消某類抵押品的贖回權(quán)。

同時(shí),如果聯(lián)邦政府不對(duì)大麻重新歸類,美國(guó)大麻公司就依然無(wú)法像加拿大Tilray等外國(guó)同類企業(yè)那樣利用公開資本市場(chǎng)。Tilray于去年7月完成了價(jià)值1.53億美元的IPO,成為第一家在美國(guó)證交所上市的大麻企業(yè)。

不過(guò),對(duì)一個(gè)目前被掐斷最基本金融服務(wù)供應(yīng)的行業(yè)來(lái)說(shuō),幾乎可以肯定上述法案朝著正確的方向邁出了一步。正如施奈德曼所說(shuō):“現(xiàn)在我的大多數(shù)客戶都沒有銀行賬戶?!?/p>

如果能順利獲得此類服務(wù),美國(guó)大麻公司的地位就有可能上升到前所未有的水平。(財(cái)富中文網(wǎng))

譯者:Charlie

審校:夏林

These are high times for the American cannabis industry. Recreational marijuana is now legalized in 10 states and the District of Columbia, and myriad products containing non-psychoactive cannabidiol (CBD)—think CBD-infused skin creams, protein bars and kombucha—have found their way to storefronts across the nation.

But when it comes to receiving the kind of banking services that most businesses take for granted, pot-related business continue to find themselves cast adrift from the mainstream. The fact that marijuana remains a Schedule I drug under U.S. law means that most banks continue to be wary of financing the cannabis industry, lest they fall afoul of federal regulations. (Case in point: the news this week that Canada’s Canopy Growth had reached a deal to buy U.S. cannabis company Acerage Holdings for $3.4 billion. The catch? The deal will only go through if and when the U.S. legalizes marijuana.)

Indeed, the pot business remains handcuffed when it comes to accessing everything from business loans to payroll services to electronic payment methods (including credit cards, which aren’t accepted at most dispensaries). Not only does this apply to companies who directly “touch the plant” but also ancillary businesses indirectly associated with the industry, who risk being cut off by their banks for receiving cannabis-related revenue.

“There’s a real aversion by the financial services industry in taking any risk at all in this space—whether it’s traditional bank accounts, merchant services, even insurance” says Brian Baum, CEO of CBD product company Cannovia. He recalls the Colorado-based company’s difficult process in finding a directors and officers (D&O) liability insurance carrier; of the 23 different insurers Cannovia applied to, “21 declined to even bid on the policy.”

In lieu of major national banks and financial institutions, some cannabis businesses have resorted to state-chartered credit unions willing to serve them in states where various uses of marijuana are now legal. Otherwise, many companies find themselves having to operate as cash businesses sitting on large quantities of paper money—a situation that obviously comes with its share of safety risks and inconveniences.

But a pair of bills currently working their way through Congress promise to alleviate the situation, potentially opening the doors for financial institutions to provide cannabis companies with much-needed banking services.

Six years after it was first introduced, the most recent iteration of the Secure And Fair Enforcement (SAFE) Banking Act was approved last month by the House Financial Services Committee and, having secured widespread bipartisan support, appears poised for a floor vote by the House of Representatives. Both the House bill and a companion bill introduced in the Senate this week seek to provide a “safe harbor” for financial institutions working with cannabis-related businesses in states where they’re legal—protecting them from federal prosecution for accepting proceeds from transactions involving a federally prohibited, scheduled substance. The measure has already drawn support from the likes of Treasury Secretary Steven Mnuchin.

Meanwhile, the recently reintroduced Strengthening the Tenth Amendment Through Entrusting States Act, better known as the STATES Act, tries to address the same problem from a different angle. That bill, which has also gained significant bipartisan support, would amend the Controlled Substances Act (CSA) of 1970—which designated marijuana as a Schedule I substance—to restrict federal enforcement of the CSA against individuals and companies in states where cannabis is legal.

Speaking before a Senate subcommittee last week, Attorney General William Barr indicated that he would support such a measure allowing states to “make their own decisions”—noting that he would prefer “the approach taken by the STATES Act than where we currently are.”

Still A Stigma

Of course, neither bill does what most cannabis industry observers and participants would like to see: that is, lift the federal prohibition on marijuana as a Schedule I controlled substance. (Two Democratic presidential candidates, Sen. Cory Booker and Rep. Tulsi Gabbard, have each floated their own bills this year that would look to do just that.) But both measures promise to bring relief to a situation that has hindered the ability of legitimate cannabis businesses to operate, by providing legal clarity to financial institutions concerned about falling afoul of federal regulations.

“With the overhang of federal prohibition, banks are wary—not wary about cannabis, they’re wary about prohibition,” according to AmeriCann CEO Tim Keogh, whose company owns and operates marijuana cultivation and processing facilities. “We talk to traditional bankers and they’re not against cannabis…it’s the conflict between state and federal regulations [that keeps them away].”

So far, the banking industry has expressed enthusiasm for this regulatory push on Capitol Hill. The American Bankers Association (ABA) has written letters to lawmakers throwing the industry group’s support behind both the SAFE Banking and STATES acts. ABA president and CEO Rob Nichols greeted the news of the SAFE Banking Act’s passage through the House Financial Services Committee last month as “an important step forward in providing regulatory and legal clarity for financial institutions caught in the conflict between state and federal cannabis laws.”

But not everyone associated with the cannabis industry is bullish on the proposed legislation’s chances of making it through Congress, nor its effectiveness should it be passed into law. FINCANN CEO Nathaniel Gurien, whose firm acts as an intermediary in arranging financial services for cannabis companies, says he thinks the SAFE Banking Act “probably has a less than even chance of passing this year—which means it has no chance next year as things heat up politically” in advance of the 2020 elections.

In addition, Gurien argues, the law won’t dispel the stigma that the conservative-leaning, risk-minded boards of many financial institutions have toward the topic of marijuana. The only measure that could prompt such a shift in thinking, he says, is “de-scheduling cannabis as a Schedule I drug.”

Josh Schneiderman, an attorney at Los Angeles-based law firm Snell & Wilmer who advises clients in the cannabis industry, also notes that there are still numerous gray areas that the current iteration of the SAFE Banking bill does not address—such as whether banks would be in a position to foreclose on certain types of collateral if they don’t have a license to operate a marijuana-related business such as a dispensary.

And absent any federal rescheduling of marijuana, U.S.-based cannabis companies still won’t be able to tap the public capital markets like some of their foreign-based counterparts—such as Canada-based Tilray, which became the first cannabis company to make an initial public offering on a U.S. stock exchange after its $153 million IPO last July.

Still, the legislation will almost certainly be a step in the right direction for an industry currently choked off from the most basic of financial services. As Schneiderman notes, “Most of my clients these days don’t have a bank account.”

Should they succeed in gaining access to those kinds of services, American cannabis companies could get to a higher place than ever before.

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