In his weekly Dear Colleagues letter, Senate Majority Leader Chuck Schumer (D-NY) outlined priorities for the upcoming summer work session in the Senate, highlighting the passage of a marijuana banking bill as a key objective.
He acknowledged that achieving this goal "will not be easy" and underscored the need for Republican support to advance the legislation, noted Marijuana Moment.
Schumer stated that the initial focus would be on advancing must-pass appropriations and defense legislation. “Senate Democrats will continue to work together to grow our economy, strengthen our democracy, and confirm President Biden’s highly-qualified nominees,” he tweeted.
SAFE Banking Act, A Key Objective
Among the bipartisan bills he highlighted was one aimed at safeguarding cannabis banking, which had already undergone a Senate Banking Committee hearing in May. Advocates hope that the bill will be brought up for a vote in the committee this month.
“Passing these bills will not be easy, and we will depend on the cooperation of our Republican colleagues to get any of them done,” Schumer said. “I applaud our committees and our caucus for the continued work to make positive and meaningful changes in the lives of everyday Americans.”
Schumer has consistently regarded the Secure and Fair Enforcement (SAFE) Banking Act as a legislative priority.
Although his letter did not reiterate his usual stance of amending the bill to include language on expunging prior cannabis convictions, a spokesperson for the lead Republican sponsor of the standalone SAFE indicated openness to incorporating the additional reform provision.
See Also: Schumer Pledges To Push For Criminal Justice Provisions In Bipartisan Marijuana Banking Legislation
As a standalone bill in its current form, insiders suggest that there is sufficient Republican support to reach the 60-vote threshold required for passage in the Senate.
"Our agenda is ambitious, and with a closely divided Senate, we face an uphill battle on many fronts," Schumer acknowledged. He expressed his hope for finding consensus and developing a path forward with Republican colleagues. However, he also emphasized the importance of exploring all available options to advance programs that protect and expand America's middle class when consensus cannot be reached.
Because marijuana remains illegal on the federal level and is still classified as a Schedule I drug, financial institutions cannot provide services, even to licensed businesses in states with legal medical or recreational programs. Not having access to banking services means cannabis businesses have to work with cash, and that makes them vulnerable and this bill seeks to address these safety concerns.
Read more HERE at Marijuana Moment.
The Benzinga Cannabis Capital Conference Is Back!
The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.
Photo: Courtesy Of micheile henderson On Unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
