Confia Applauds Inclusion of SAFE Banking Cannabis Bill in New Defense Bill

Irvine, California – August 11, 2022 —

Confia (“Confia” or the “Company”), a leading financial technology provider offering best-in-class transaction banking services, proprietary payments network, and financial compliance for the cannabis industry, announced today that it supports the decision of the U.S. House of Representatives to include the Secure and Fair Enforcement (SAFE) Banking Act into the defense budget bill for the fiscal year 2023. As a forward-looking technology platform for secure financial services, B2B/B2C transactions, and financial compliance for the US cannabis industry, it is necessary for Confia to stay on top of the latest changes in this young, rapidly growing industry.

Mark Lozzi, Chief Executive Officer of Confia said, “This year alone has seen more than 20 legalization initiatives in 9 states that strive to bring dependable banking solutions to cannabis operators. Despite this, federal legislation remains in question. If passed, the SAFE Banking Act would serve as a milestone that would benefit not only cannabis operators and the public safety, but also pave the way for federal legalization down the line. The Act has been passed in the House multiple times, but keeps stalling in the Senate. With 42 bipartisan cosponsors in the Senate and 180 bipartisan cosponsors in the House, we are hopeful that the upcoming year may finally bring this much-needed change.”

The purpose of the SAFE Banking Act is to enable financial institutions to serve state-legal cannabis businesses without the fear of punishment under federal law. The Act also serves as a necessary public safety measure, as it eliminates the need for cannabis businesses to handle large amounts of cash money, which currently causes them to be targeted by thieves and other criminal elements at an alarmingly high rate.

Confia hopes the ongoing trend toward legalization and decriminalization of cannabis and cannabis-derived products, and the easy access to effective financial services will bolster the growth of the cannabis industry across the nation. Despite the push-back against cannabis reform that is still coming from some parts of the country, even conservative states appear to be more open to it now than during the preceding years.

Lozzi added: “Although federal prohibition is still in place, there is a visible difference in how cannabis legalization and decriminalization incentives are viewed today compared to just a couple years ago. We are confident that regulations are going to continue changing nationwide and that we will soon see significant changes in how cannabis operators access financial services.”

About Confia

Confia is a software platform that offers the cannabis industry traditional banking and cash management offerings, bill pay services, unlimited B2B payments, API-powered payment solutions that service both businesses and the consumer, and lending solutions. Confia processes payments in real time, and the platform contains ongoing compliance features and offers trusted relationships with other companies and clients that are members. To learn more, visit www.pointchain.io.

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Organization: CMW Media
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Website: http://www.cmwmedia.com

Release ID: 89079903

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