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Marijuana Finance Company Updates Testimony On Banking Bill To Urge Passage Following Criticism From Stakeholders

A marijuana financial services company has revised its testimony on a congressional cannabis banking bill following pushback over remarks made at a Senate committee hearing this month where a compliance officer suggested a “pause” to further amend the legislation.

Advocates and stakeholders were taken aback by the suggestion from Dama Financial, as it seemed to undermine efforts to show a united front eager to advance the Secure and Fair Enforcement (SAFE) Banking Act.

But shortly after the Senate Banking Committee hearing, Dama CEO Patrick O’Boyle said that the company “regret[s] that our testimony did not highlight the bill’s merits and the urgent need for its passing,” and they’d be working with stakeholders to revise their comments to the committee.

“We value your partnership and appreciate your understanding,” O’Boyle said. “Rest assured that we remain dedicated to serving your business and supporting your growth and success as well as the supporting the success of the cannabis industry.”

On Wednesday, Dama released the updated testimony to Banking Committee leadership. It says that the company “took an overly myopic focus drafting our testimony on banking compliance rather than balancing the testimony with why the benefits of the legislation outweigh the desire for future

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