Former GOP Congressman And Former NBA Player Launch Marijuana Digital Financial Service As Federal Banking Reform Stalls

Former GOP Congressman And Former NBA Player Launch Marijuana Digital Financial Service As Federal Banking Reform Stalls
MJ moment

As Congress works to pass a marijuana banking bill, a former Republican congressman and former NBA player have teamed up to launch a new product that they say could help resolve the industry’s unique financial challenges, with or without federal reform. While it might seem like an example of strange bedfellows, the cannabis market has seen its fair share of conservative converts, as well as interest from athletes and celebrities hoping to make a name in the burgeoning industry. Enter Token HiFi, a digital asset exchange program targeting the marijuana sector that’s built to simplify cannabis transactions, provide individualized tracking and reporting services to meet each state’s regulatory needs and give the industry an alternative option to traditional financial institutions that might be wary of taking on marijuana clients under federal prohibition. Former Rep. Dan Donovan (R-NY) and former Indiana Pacers player David Harrison spoke with Marijuana Moment about the cannabis policy landscape that they say makes their product all the more appealing, especially as doubts compound about the prospects of Congress passing the Secure and Fair Enforcement (SAFE) Banking Act during the lame duck session. This narrative might sound familiar for those who’ve tracked the careers of congressional lawmakers like former House Speaker John Boehner (R-OH), but Donovan wasn’t exactly an outspoken advocate for marijuana reform during his time in the House before joining the cannabis industry space. He had a more mixed record—voting in favor of certain modest amendments, such as a spending bill rider to protect state medical marijuana programs, but opposing measures to extend those protections to all state cannabis markets or allowing Department of Veterans Affairs doctors to recommend medical cannabis, for example. Despite those votes and his lack of cosponsorships on reform legislation during his time in office, Donovan told Marijuana Moment on Wednesday…

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Source : Former GOP Congressman And Former NBA Player Launch Marijuana Digital Financial Service As Federal Banking Reform Stalls

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