Vancouver, British Columbia–(Newsfile Corp. – September 27, 2019) – BOUGAINVILLE VENTURES INC. (CSE: BOG) (FSE: 8BV) (DEU: 8BV) (MUN: 8BV) (STU: 8BV) (“Bougainville” or the “Company”) is pleased to announce that The U.S. House of Representatives voted Wednesday to advance legislation that would allow banks to provide services to cannabis companies in states where it is legal.
By a vote of 321-103, lawmakers approved the bill, which now heads to the Senate. The bill received nearly unanimous support from Democrats, as well as nearly half of all Republicans.
The measure now heads to the Senate, where it faces an uncertain fate. Senate Banking Chairman Mike Crapo has said he wants to consider similar legislation in the coming months, but it is not clear if the full Senate will vote on such a measure, analysts say.
Some Republicans are wary of giving banks the green light to engage in marijuana business while it is still federally illegal. And some Democrats have said they would rather consider broader legislation around marijuana legalization or criminal justice reform rather than a targeted banking bill.
The bill clarifies that proceeds from legitimate cannabis businesses would not be considered illegal, and directs federal regulators to write up rules for how they would supervise such banking activity.
Banks have thrown their weight behind the legislation, telling lawmakers they need clarity on whether they can do business with cannabis companies where it is legal at the state level despite the fact that marijuana remains illegal in the eyes of the federal government.
“Our members are committed to serving the financial needs of their communities – including those that have voted to legalize cannabis,” said the American Bankers Association in a letter sent to lawmakers Tuesday seeking their support.
Thirty-three states allow for some form of legal cannabis use, but banks have by and large been unwilling to do business with companies that sell marijuana or related enterprises, out of concern they could run afoul of federal laws.
Source: https://www.reuters.com/article/us-usa-house-cannabis/house-passes-bill-that-would-allow-banks-to-work-with- cannabis-companies-idUSKBN1WA308
Andy Jagpal, President Comments:
“I’m confident that as soon as the US Senate passes the Bill to allow banks to lend to Cannabis Companies like ours, that the financing and expansion of our US projects will become easier to complete. The industry has come too far, so banking needs to happen. This Bill also aims to protect financial firms that service the hemp industry in Kentucky, the home state of Mitch McConnell, Senate Majority Leader.”
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About Bougainville Ventures, Inc.
Bougainville Ventures Inc. is dedicated to rapid growth in production, processing, retail and branding of cannabis and cannabis related products. Currently the company provides strategic capital to the thriving cannabis cultivation sector through ownership and development of commercial real estate properties. We offer fully built out turnkey facilities equipped with state-of-the-art growing infrastructure to cannabis growers and processors. Also, the Company is focused on building a strong presence in the hemp industry with the objective of extracting cannabinoids in both Canada and the United States. Along with our flagship Hemp project in Oregon State and the Greenhouse campus in Washington state, the Company has proprietary formulas for cannabis edibles, topical, and tinctures.
On behalf of the Board of Directors
BOUGAINVILLE VENTURES INC.
Andy Jagpal, President and Director
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FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward- looking statements whether as a result of new information, future events or otherwise.
No regulatory authority has approved or disapproved the information contained in this news release.
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