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Marijuana banking among reforms on the table in upcoming lame-duck Congress

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The months ahead could be shaping up to be the most wonderful time of the year for the U.S. marijuana industry, although insiders warn legislative movement isn’t a sure bet.

In addition to President Joe Biden’s surprise announcement about a marijuana scheduling review and MJ possession pardons as well as the likelihood of more states voting Nov. 8 to legalize adult-use cannabis, this year’s lame-duck session – the stretch of post-election time before newly elected members of Congress take their seats in the new year – could bring even more positive news for the legal industry.

While Democrats caution there’s a long list of legislation to bring to the floor while they still control both chambers of Congress, marijuana reform is on the agenda.

Democrat lawmakers and stock analysts are optimistic that long-standing issues such as cannabis banking reform and restorative justice will finally be addressed. But that will depend on cooperation from Republicans on the issues, which has thus far proved to be difficult.

“Given the momentum, the comments made, the expectations created, and the heavy lobbying from various advocacy groups, we think Senate Democrats want to get this done,” Pablo Zuanic, managing partner at New York-based investment banking firm Cantor Fitzgerald, wrote in an Oct. 3 note after Biden’s announcement.

“So, in that context, the leverage may be held by Republicans.”

SAFE Banking Plus

U.S. Sen. Cory Booker co-sponsored Senate Majority Leader Chuck Schumer’s Cannabis Administration and Opportunity Act, a sweeping federal legalization bill introduced in July that would remove marijuana from the Controlled Substances Act, instruct the U.S Food and Drug Administration to regulate MJ and allow states to retain or create their own laws around the plant.

In an interview with NJ.com, Booker acknowledged the bill as it stands will not be voted on.

Instead, SAFE Banking Plus, an updated version of the Secure and Fair Enforcement (SAFE) Banking Act, will be in play.

While details are vague so far, the measure is believed to include:

  • The core components of the SAFE Banking Act – introduced in the House of Representatives by Colorado Democrat Rep. Ed Perlmutter in 2019 – which would protect financial institutions from federal punishment should they work with regulated cannabis companies. The measure has passed the House seven times but hasn’t made it to the Senate floor.
  • Allowing small business loans and assistance for veteran access to medical marijuana (in the form of the Department of Veterans Affairs helping with the process of accessing MMJ).
  • Restorative-justice components, which could include nonviolent-criminal-record expungement as well as reinvesting marijuana tax revenue in economic opportunities for communities disproportionately impacted by the war on drugs.

“I think it has a good chance, because our Republican allies also understand that if one of the houses of Congress shifts to Republican, it will be very hard to do anything on marijuana,” Booker told NJ.com.

“We’ve got a good shot. I wouldn’t say it’s a great shot, but it’s on a good path.”

Last week, Perlmutter – who is retiring – told The Hill that there’s “a lot of activity” surrounding Safe Banking Plus.

“I think this thing’s going to get passed this cycle, so I’ve got my fingers crossed,” he said, adding that Biden’s rescheduling review added momentum to the discussions.

Public support grows for banking reform

Americans and advocacy groups not even focused on cannabis are also joining the chorus for banking reform.

Recent survey results collected by Morning Consult in partnership with the American Bankers Association (ABA) showed that 66% of respondents “support Congress passing legislation that allows cannabis businesses to access banking services such as checking accounts and business loans in states where cannabis is legal.”

Only 16% of respondents opposed passing banking reform legislation.

“Americans firmly believe that now is the time to resolve the ongoing conflict between state and federal law to allow banks to serve legal cannabis and cannabis-related businesses,” ABA President and CEO Rob Nichols said in a statement, noting the safety risks involved with cash-only operations.

“We urge Congress to pass the SAFE Banking Act this year to enhance public safety in the … states where cannabis is legal in some form.”

In a resolution passed Oct. 20, the NAACP called for the “immediate passage” of SAFE Banking on the basis it would create a more equitable marijuana industry.

According to the resolution, “The SAFE Banking Act could enable cannabis businesses with social equity licenses, diverse ownership licenses, or other licenses made available by states with medical- and adult-use cannabis laws that aim to foster a diverse and equitable industry, to better compete in the industry if it was coupled with the federal descheduling of marijuana and explicitly provided for fair terms and rates for Black-owned and social equity licensed cannabis businesses.”

What it means

If passed, SAFE Banking Plus, or some version of SAFE Banking, could transform the industry once it’s implemented.

Notably, retailers and other businesses would be relieved of cash-only operations, which have created safety and accounting challenges.

Traditional bank loans and other financial services such as accounting could eventually be accessed.

According to Zuanic, while it’s a long shot, if language from the Capital Lending and Investment for Marijuana Businesses (CLIMB) Act is included in SAFE Plus, it also means publicly owned cannabis companies could uplist to major stock exchanges.

Zuanic also believes it’s unlikely that Section 280E of the federal tax code, which prevents marijuana operators from taking traditional business-related deductions, will be included in SAFE Plus because of how it would negatively impact tax revenue.

There’s limited time left, but SAFE Plus might contain enough social justice elements to win over Democrats.

The question is, according to Zuanic, whether enough Republicans will support it.

Source: https://mjbizdaily.com/marijuana-banking-among-reforms-on-table-in-upcoming-lame-duck-congress/

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Jio’s 1,600-Satellite LEO Constellation Gets Technical Green Light

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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.

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Alleged Crores Pharma Scam Mastermind Arrested from Surat

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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.

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EU Pressure Builds on Google as Regulators Face Calls for Massive Fine Over Search Practices

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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.

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