Business
Cannabis groups pleased with SAFE Banking hearing as senators push for expungement
Cannabis industry groups were heartened Thursday to hear bipartisan support from members of the U.S. Senate Banking Committee for marijuana banking reform – particularly, passage of the Secure and Fair Enforcement (SAFE) Banking Act.
The Democratic-controlled banking panel convened the hearing about the challenges that a largely cash-based industry poses to small businesses and employees.
If lawmakers were to approve the SAFE Banking legislation, federal banking regulators would be prohibited from punishing financial institutions that offer basic banking services to marijuana businesses following state law.
While the outlook for passage appears better than in previous years, industry officials and congressional watchers say that approval is far from assured.
“The hearing showcased thoughtful discussion from members on both sides of the aisle, with a consensus among witnesses that the bill could go further to be most impactful, which should include providing broader access to financial services during committee markup,” Saphira Galoob, executive director of advocacy group National Cannabis Roundtable, said in a statement.
Sen. Elizabeth Warren, a Massachusetts Democrat, said at the hearing that SAFE Banking is “long overdue” but that she is also working on the descheduling of marijuana.
“If people can still get busted for purchasing marijuana, many banks will find it too risky to serve legal cannabis businesses, no matter whether we tell them it is technically OK,” she added.
Sen. Steve Daines, a Republican from Montana who reintroduced the legislation last month with Sen. Jeff Merkley, D-Oregon, emphasized the safety risks of cash transactions in marijuana businesses, which are vulnerable to burglaries.
“To enter the banking system will help law enforcement more easily distinguish legitimate actors and focus more of their resources on prosecuting the illicit market.”
Support for SAFE
At the same time, Senate Majority Leader Chuck Schumer, along with two Democratic colleagues, endorsed adding marijuana expungement legislation to the SAFE Banking measure.
“We were encouraged to see the SAFE Banking Act reintroduced last week after Senator Daines and Senator Merkley worked to make key improvements to the legislation,” Schumer said in a statement along with Oregon Sen. Ron Wyden and New Jersey Sen. Corey Booker.
“We look forward to watching this legislation progress through the Banking Committee and working with bipartisan partners to include additional improvements, such as the Harnessing by Pursuing Expungement (HOPE) Act, which would support states that want to expunge cannabis record with grants.”
Witnesses Merkley and Daines were joined by:
- Ademola Oyefeso, international vice president and director of the legislative and political action department at the United Food and Commercial Workers International Union (UFCW).
- Michelle Sullivan, chief risk and compliance officer at Dama Financial.
- Kevin Sabet, president, CEO and fellow at Smart Approaches to Marijuana.
- Cat Packer, the vice chair at the Cannabis Regulators of Color Coalition.
During the worker- and small business-focused hearing, Packer and Oyefeso shared with the committee how barriers to banking and financial services harm cannabis employees and efforts to create equitable business opportunities.
Workers who are paid in cash are vulnerable to theft, Oyefeso said, and some employees aren’t able to show adequate proof of employment to qualify for mortgages or leases. Others can’t secure loans, he said.
Giving cannabis workers better banking services would give them better financial stability, he said.
“Cannabis workers do not deserve to be treated as criminals,” Oyefeso said, “and should not have to struggle with financial and legal ambiguity on the job.”
Packer urged Congress to push for more comprehensive reform beyond banking, which she said was the only way to adequately address the harms of federal prohibition.
She added that the SAFE Banking Act could be more equitable if it included language ensuring that previous marijuana convictions wouldn’t be “red flags” used to reject loan applicants or those seeking access to financial services.
“It’s true that small businesses and workers can’t afford to be shut out of banking,” Packer said.
“But it’s also true that they can’t afford for disparities in traditional banking to become the new norm for cannabis banking.”
Arguments against SAFE
Kevin Sabet of Smart Approaches to Marijuana chastised the committee for hearing the issue at all, arguing that there are more pressing issues, such as opioids and teen mental health, that the senators should be dealing with.
Sabet testified that SAFE would ultimately hurt Americans by helping the industry, which he said is creating dangerous products.
“This bill would open up the marijuana industry to Wall Street hedge fund managers and Silicon Valley investors who will create even more hazardous products to get them into the hands of even more Americans,” he said.
Charlie Bachtell, the founder and chief executive officer of Chicago-based Cresco Labs, attended the hearing and lamented that operators weren’t among the witnesses.
In an interview with MJBizDaily, he urged industry members to contact their local representatives and legislators and advocate for banking reform.
But Bachtell said it was still important to note that the Senate was finally hearing the measure after it had already passed through the House of Representatives seven times in recent years.
“I think today’s testimony,” he added, “especially by Cat Packer, making the point of access to capital is really the significant roadblock to achieving public safety, and a more diverse and inclusive industry is an important part we’d like to see included as they think about how to get it to its final form.”
Source: https://mjbizdaily.com/cannabis-groups-pleased-with-safe-banking-hearing-in-senate/
Business
Jio’s 1,600-Satellite LEO Constellation Gets Technical Green Light
Reliance Jio has crossed a significant milestone in its space connectivity ambitions after its proposal to deploy a Low Earth Orbit (LEO) satellite constellation of around 1,600 satellites received a positive technical assessment from the Indian National Space Promotion and Authorisation Centre (IN-SPACe).
The evaluation, conducted jointly by IN-SPACe, the Indian Space Research Organisation (ISRO), and the Wireless Planning and Coordination (WPC) wing of the Department of Telecommunications, reportedly concluded that Jio’s proposed system meets the required technical standards and is comparable to leading global satellite broadband networks.
India’s Indigenous LEO Satellite Vision
Under the proposal, Reliance Jio plans to deploy between 1,600 and 1,650 satellites in Low Earth Orbit at an altitude of around 650 kilometres.
The planned constellation is expected to provide high-speed satellite connectivity across India, with approximately 32 satellites visible from any location at a given time. The company aims to roll out the network within the next two to three years, subject to regulatory approvals.
According to industry estimates, the satellite system could deliver 4.5 to 5 terabits per second (Tbps) of total data capacity, making it one of the largest satellite broadband projects proposed in India.
The project is expected to require an investment of $10–15 billion (approximately ₹95,000 crore to ₹1.42 lakh crore), reflecting the scale of infrastructure needed for satellite manufacturing, launches, ground stations, and user terminals.
Regulatory Process Moves Forward
Following the successful technical review, the proposal is expected to move into the next phase of regulatory approvals.
The government may now assist Jio in securing orbital slots, coordinating spectrum usage, and filing applications with the International Telecommunication Union (ITU), the global body responsible for managing satellite orbit and frequency allocations.
Obtaining orbital rights remains a critical step, as Low Earth Orbit has become increasingly competitive due to the growing number of satellite broadband projects being planned worldwide.
Officials also indicated that the proposed satellite architecture has been designed to coexist with future Indian LEO constellations, allowing multiple domestic operators to share orbital resources efficiently.
Broadband, Mobile Connectivity, and Strategic Applications
Jio plans to use the satellite network to provide a range of communication services, including satellite broadband, mobile backhaul, enterprise connectivity, and direct-to-device (D2D) satellite communication, particularly in remote and underserved regions where conventional telecom infrastructure is limited.
The company also intends to establish 20 to 22 ground stations across India to support network operations.
Apart from commercial telecommunications, officials have highlighted the project’s potential strategic importance. A domestically developed satellite constellation could strengthen India’s communication infrastructure, reduce dependence on foreign satellite operators, and support national security requirements.
Reports suggest preliminary discussions are underway regarding the possibility of integrating defence-related payloads into some satellites, enabling both civilian and strategic use.
Major Step for India’s Space and Telecom Sectors
Industry analysts view the technical clearance as an important milestone in India’s expanding private space ecosystem. If Jio secures the remaining regulatory approvals and international orbital clearances, the project could become the country’s first large-scale indigenous LEO satellite broadband network.
The initiative also aligns with India’s broader efforts to expand digital connectivity while strengthening its presence in the global satellite communications market.
Business
Alleged Crores Pharma Scam Mastermind Arrested from Surat
After evading law enforcement for nearly 13 years, an accused linked to a large-scale pharmaceutical fraud case has been arrested by Delhi Police from Surat, Gujarat. The suspect is alleged to have orchestrated a series of financial scams involving fake identities, forged documents, and dishonoured cheques used to procure high-value pharmaceutical raw materials.
Authorities say the accused, identified as Himmat Singh Lodha, is believed to have defrauded multiple pharmaceutical companies in Delhi of goods worth approximately ₹98 lakh before disappearing and remaining underground for years.
Fake Business Deals and Dishonoured Cheques Used in Fraud
Investigators claim the accused posed as a legitimate pharmaceutical trader and placed bulk orders for expensive drug ingredients, offering post-dated cheques as payment security.
In one documented case from 2013, he allegedly obtained around 550 kilograms of Gliclazide, a diabetes-related pharmaceutical ingredient, valued at over ₹26 lakh. When suppliers attempted to encash the cheques, they were reportedly returned with the remark “account closed.”
Following the transaction, the accused allegedly vacated his office and rented residence and disappeared without settling payments. He was later declared a proclaimed offender in 2016 after repeatedly failing to appear before court proceedings. Authorities had also issued a reward for information leading to his arrest.
Multiple Identities and Repeated Fraud Pattern
Police investigations further link the accused to another cheating case dating back to 2012, where he allegedly used a fake identity, “Kailash Jain,” to obtain a large consignment of Ambroxol HCL, a pharmaceutical compound used in cough medications. The value of that consignment was estimated at around ₹72 lakh.
Officials believe the accused followed a consistent modus operandi—posing as a credible businessman, securing high-value goods on deferred payment terms, and then disappearing after delivery while shutting down business operations.
Investigators suspect that forged business records, fake company credentials, and fabricated financial histories were used to build trust with suppliers and gain access to expensive raw materials.
Multi-State Surveillance Leads to Arrest in Surat
A special Crime Branch team tracked the accused through coordinated surveillance efforts across multiple cities, including Mumbai, Ahmedabad, and Surat. After nearly a month of technical monitoring and intelligence gathering, officials located and arrested him from a residential area in Surat.
Authorities also revealed that the accused had been involved in property-related activities while staying under the radar to avoid detection.
Growing Threat of Corporate Identity Fraud
The case highlights a rising trend of organised financial fraud targeting industries that rely heavily on trust-based transactions and deferred payments. Experts note that criminals increasingly exploit gaps in corporate verification systems by using fake GST registrations, temporary offices, and forged documentation to appear legitimate.
Cybercrime and financial fraud specialists warn that such schemes are becoming more complex with the widespread availability of digital business tools, making it easier to create convincing but fraudulent corporate identities.
Experts Urge Stronger Due Diligence in High-Value Transactions
Experts, including former IPS officer and cybercrime specialist Prof. Triveni Singh, emphasize the need for stricter verification procedures in commercial dealings. He noted that relying solely on paperwork or digital business profiles can expose companies to significant financial risk.
Authorities and industry experts recommend physical verification of business operations, bank account validation, and detailed background checks before engaging in high-value or deferred-payment transactions—particularly in sectors like pharmaceuticals, where single consignments can involve transactions worth crores.
Business
EU Pressure Builds on Google as Regulators Face Calls for Massive Fine Over Search Practices
A growing coalition of European industry groups is intensifying pressure on regulators to take decisive action against Google over allegations of unfair search practices that could reshape competition rules across the region’s digital economy.
Investigation Under Digital Markets Act Gains Momentum
The case is being examined by the European Commission under the European Union’s landmark Digital Markets Act (DMA), introduced to curb the dominance of major technology platforms and ensure fair competition.
Launched in March 2024, the investigation focuses on whether Google has been prioritising its own services in search results, potentially disadvantaging rival businesses that rely on online visibility to reach customers.
Industry Groups Demand Swift Action
Several prominent European organizations have jointly urged regulators to conclude the probe without further delay. They argue that prolonged investigations allow alleged anti-competitive practices to continue, putting European companies—especially startups—at a disadvantage.
Signatories include the European Publishers Council, the European Magazine Media Association, the European Tech Alliance, and EU Travel Tech.
In a joint statement, these groups warned that delays in enforcement are affecting innovation, profitability, and growth prospects for regional businesses competing in digital markets.
Google Denies Allegations
Google has rejected claims of bias, stating that its search algorithms are designed to deliver the most relevant and useful results to users. The company has also proposed adjustments to address regulatory concerns.
However, critics argue that these changes are insufficient and fail to address the core issue of market dominance.
Potential Billion-Euro Penalties
If found in violation of the DMA, Google could face significant financial penalties. Under EU rules, fines can reach a substantial percentage of a company’s global turnover, potentially amounting to billions of euros.
Regulators may also impose corrective measures requiring changes to business practices, which could have long-term implications for how digital platforms operate in Europe.
Wider Implications for Big Tech
The case highlights ongoing tensions between European regulators and major U.S. technology firms. In recent years, the EU has taken a more aggressive stance in enforcing competition laws, aiming to create a level playing field for local businesses.
A final ruling against Google could set a major precedent, influencing future enforcement actions and shaping the regulatory landscape for global tech companies operating within Europe.
As scrutiny intensifies, the outcome of the investigation is expected to play a critical role in defining the future of digital competition across the European Union.
-
Business3 years agoPot Odor Does Not Justify Probable Cause for Vehicle Searches, Minnesota Court Affirms
-
Business3 years agoNew Mexico cannabis operator fined, loses license for alleged BioTrack fraud
-
Business3 years agoAlabama to make another attempt Dec. 1 to award medical cannabis licenses
-
Business3 years agoWashington State Pays Out $9.4 Million in Refunds Relating to Drug Convictions
-
Business3 years agoMarijuana companies suing US attorney general in federal prohibition challenge
-
Business3 years agoLegal Marijuana Handed A Nothing Burger From NY State
-
Business3 years agoCan Cannabis Help Seasonal Depression
-
Blogs3 years agoCannabis Art Is Flourishing On Etsy
