Senator Schumer Vows To Advance Cannabis Banking Bill With Criminal Justice Reforms

In a recent floor speech, Democratic Senate Majority Leader Chuck Schumer of New York expressed his enthusiasm for the bipartisan committee vote that advanced the Secure and Fair Enforcement Regulation (SAFER) Banking Act, highlighting the growing momentum behind cannabis banking reform.

The legislative development is occurring as cannabis sector leaders gather at the Benzinga Cannabis Capital Conference in Chicago. 

See Also: Cannabis Stocks Move As Schumer Pledges To Bring Bill To Senate Floor: Expect GOP Pushback

What’s Happening: Schumer emphasized his commitment to bringing the legislation to the Senate floor shortly and attaching significant criminal justice provisions to the bill.

The Senate Majority Leader, who played a pivotal role in the bipartisan deal leading to the bill's advancement, voiced his pride in the progress made. Moreover, Schumer underscored the importance of allowing cannabis businesses access to basic banking infrastructure.

“Cannabis must always be in the business of promoting entrepreneurs, promoting small businesses, promoting job growth."

Why It Matters: The SAFER Banking Act aims to connect cannabis businesses with essential resources like bank accounts and small business loans, creating a safer and more transparent environment for their growth.

He noted that no industry, especially a rapidly growing and relatively new one like the cannabis industry, can thrive without such access.

Schumer also reaffirmed his dedication to incorporating criminal justice reform provisions into the legislation. While he did not provide specific details during his speech, he previously mentioned intentions to include measures that incentivize state-level cannabis expungements and protect the gun rights of marijuana consumers.

Want to watch more about the cannabis bill and what it means for the industry? Tune in to the Cannabis Capital Conference in Chicago live. For existing subscribers, you can get direct access through our research platform. For new users, you can get instant access here!

Read Next: Cannabis Banking Reform Sparks Reactions From Advocates, Marijuana Retail Giants

Image by Benzinga