Dama Financial, a fintech company that specializes in providing banking and payment solutions to cannabis businesses, has reversed its previous negative testimony on the SAFE Banking Act and now urges lawmakers to support it. The Senate Banking Committee, led by Senator Sherrod Brown, heard testimony on the bill earlier this month, during which Michelle Sullivan, Dama Financial’s chief risk and compliance officer, suggested that refinements to compliance were needed before the legislation could be passed. However, following opposition from industry advocates and stakeholders, the company amended its testimony to state that it regretted not emphasizing the benefits of the legislation and urged the Banking Committee leadership to pass the measure. The SAFE Banking Act seeks to grant legal access to banking services for cannabis businesses, creating safer financial environments and increased compliance with tax regulations.
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