Former Congressman Battles Legislative Barriers For Crucial Cannabis Banking Legislation

After retiring from Congress, Ed Perlmutter quickly transitioned to a new role in the private sector, emphasizing his commitment to cannabis reform.

As a policy advisor for the National Cannabis Roundtable (NCR) and a partner at Holland & Knight, Perlmutter is focusing on advancing the Secure and Fair Enforcement (SAFER) Banking Act and advocating for federal marijuana scheduling reform. His move to the private sector reflects a strategic continuation of his decade-long effort to champion marijuana banking reforms.

Journey Of The SAFER Banking Act

Perlmutter’s dedication to the SAFER Banking Act, initially introduced in 2013, has been a hallmark of his legislative efforts. Despite the bill passing the House seven times, it has faced challenges in becoming law. Perlmutter’s optimism remains intact, fueled by the belief that there is sufficient support to push the legislation forward despite the current complexities of Congressional operations.

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Congressional Challenges

The path to passing the SAFER Banking Act is fraught with legislative hurdles, particularly in a divided Congress. The bill has seen progress, including movement through the Senate Banking Committee. Still, broader banking regulation issues and legislative priorities like appropriations and foreign funding have stalled further advancement. Despite these challenges, Perlmutter believes in finding a way forward, even in the GOP-controlled House, where the stance on cannabis reform is less predictable.

Prospects For Federal Marijuana Scheduling Change

Beyond banking reform, Perlmutter is optimistic about the potential for a federal marijuana scheduling change. Following President Joe Biden‘s directive, the U.S. Department of Health and Human Services (HHS) has recommended reclassifying cannabis from Schedule I to Schedule III under the Controlled Substances Act (CSA). This shift could significantly impact the cannabis industry, aligning federal policy more closely with the evolving public and state-level stance on cannabis.

Benzinga’s Cannabis Capital Conference Speaker

As Perlmutter prepares to speak at Benzinga’s Cannabis Capital Conference, his role as a leading advocate for cannabis reform will be in the spotlight. Perlmutter’s understanding of the SAFER Banking Act, federal scheduling changes, and the broader context of cannabis reform will be a conversation you don’t want to miss.

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The Benzinga Cannabis Capital Conference is returning to Florida in a new venue in Hollywood on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn, and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars — this conference is the go-to event of the year for the cannabis world. Get your tickets now on bzcannabis.com – Prices will increase very soon!

Photo: Benzinga