Schumer Puts Cannabis Banking On Summer Agenda (Newsletter: July 11, 2023)

Schumer Puts Cannabis Banking On Summer Agenda (Newsletter: July 11, 2023)
Schumer Puts Cannabis Banking On Summer Agenda (Newsletter: July 11, 2023)

Schumer Puts Cannabis Banking On Summer Agenda

Senate Majority Leader Chuck Schumer (D-NY) has announced that cannabis banking legislation will be on the summer agenda for the Senate. This news comes as the bill marks its 10-year anniversary since it was first filed in Congress. Over the past decade, the bill has evolved and gained bipartisan support, signaling a hopeful push to finally get it signed into law this year.

The Secure and Fair Enforcement (SAFE) Banking Act aims to address the banking challenges faced by the cannabis industry. Currently, because marijuana is still classified as a Schedule I controlled substance at the federal level, many financial institutions refuse to provide banking services to cannabis businesses. This forces these businesses to operate on a cash-only basis, making them vulnerable to security risks and hindering their ability to participate in the banking system like any other industry.

Schumer’s decision to prioritize cannabis banking legislation on the summer agenda is significant. It signifies a growing recognition of the need to provide a safe and secure banking environment for the cannabis industry. By allowing marijuana-related businesses access to banking services, it would not only enhance transparency and financial accountability but also foster economic growth and job creation.

However, Schumer emphasizes that the success of this legislation depends on gaining Republican support. While there is growing bipartisan support for cannabis banking, it is essential to gather sufficient backing from across the aisle to ensure its passage. Additionally, Schumer did not mention his previously expressed plan to attach cannabis expungements to the SAFE Banking Act, indicating that this aspect may not be included in the forthcoming legislation.

The push for cannabis banking comes at a time when the cannabis industry is witnessing significant growth and expansion. States like Connecticut have reported record-breaking marijuana sales, and campaign efforts for psychedelic medicine therapy legalization in Massachusetts are underway. Furthermore, there is hopeful anticipation for bipartisan support for an amendment to protect individuals from being denied security clearances over marijuana, which is being considered in Congress.

The importance of cannabis banking legislation cannot be understated. It would provide regulatory clarity and stability for cannabis businesses, enabling them to access traditional banking services like other legitimate enterprises. It would also facilitate tax compliance and enable cannabis businesses to contribute to the broader economy without facing unnecessary financial obstacles.

As Senator Schumer puts cannabis banking on the summer agenda, it marks a meaningful step towards advancing the thriving cannabis industry. By addressing the banking challenges faced by the industry, this legislation has the potential to unlock new opportunities and drive further progress in the legal cannabis market. With bipartisan support and ongoing advocacy efforts, the hope is that this legislation becomes a reality, bringing vital financial security to the cannabis industry.



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