JENNIFER GUCCI INTERNATIONAL, INC., LAUNCHES WORLD’S FIRST HEMP CARD
November 01, 2022 22:22 ET | Source: JENNIFER GUCCI INTERNATIONAL, INC.
SAN FRANCISCO, CA--(Marketwired - Nov 01, 2022) - JENNIFER GUCCI INTERNATIONAL, INC., a Delaware corporation headquartered in San Francisco, California, announces the Launch of a new cannabis-related debit card for the retail marijuana industry. The Hemp Card is the first debit card issued to consumers of cannabis. JENNIFER GUCCI’s Hemp Card will allow banks to serve cannabis-related businesses in states where the activity is legal; however the card is on hold until banking laws are updated. Only Congress can resolve the divide between state and federal law. Without a change in federal law, neither the federal banking agencies nor state governments can remove the legal restrictions on providing banking services to marijuana-related businesses.
The problems caused by blocking cannabis and cannabis-related businesses from the banking sector are only going to grow as the cannabis industry expands. According to industry analysts, the legal cannabis industry now exceeds $10 billion and employs as many as 160,000 workers. Conservative estimates suggest that the legal cannabis market will grow to $25 billion by 2025, while more expansive projections have the industry reaching $75 billion by 2030. As a result, the industry is expected to create at least 300,000 jobs by 2020. Currently, thirty-five states, the District of Columbia, Guam and Puerto Rico have all legalized the use of marijuana to some degree. Yet the possession, distribution or sale of marijuana remains illegal under federal law, which means any contact with money that can be traced back to state marijuana operations could be considered money laundering and expose a bank to significant legal, operational and regulatory risk.
In addition to growers and retailers, there are vendors and suppliers, landlords and employees that are indirectly tied to the cannabis industry, thus posing legal risk for banks serving such entities and individuals, as indirect connections to marijuana revenues are hard, if not impossible, for banks to identify and avoid. The rift between federal and state law has left banks trapped between their mission to serve the financial needs of their local communities and the threat of federal enforcement action.
JENNIFER GUCCI takes no position on the moral issues raised by legalizing marijuana, the growing number of states that allow its sale and use raises practical issues that must be addressed. JENNIFER GUCCI believes the time has come for Congress and the regulatory agencies to provide greater legal clarity to banks operating in states where marijuana has been legalized for medical or adult use. Those banks, including institutions that have no interest in directly banking marijuana-related businesses, face rising legal and regulatory risks as the marijuana industry grows.
About JENNIFER GUCCI INTERNATIONAL, INC.
JENNIFER GUCCI INTERNATIONAL, INC., is a special purpose acquisition company formed under the laws of the State of Delaware (4443531) on 10/19/2007 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. JENNIFER GUCCI INTERNATIONAL, INC., is not affiliated with Guccio Gucci, S.P.A. or Gucci of America, Inc.
CONTACT:
JENNIFER GUCCI INTERNATIONAL, INC.
Richard H. Davis, President & CEO
(415) 779-4367 or (415) 779-HEMP
friscobrands@gmail.com
https://youtu.be/tnA4NSmGjZI
Please tell Congress to support and pass the Secure and Fair Enforcement (SAFE) Banking Act of 2021 (H.R. 1996/S. 910) https://www.congress.gov/bill/117th-congress/senate-bill/910
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