Chuck Schumer Pledges To Advance Cannabis Banking Reform, Calls For Unity To Avoid Govt Shutdown

As the Senate returns from August recess, Majority Leader Chuck Schumer (D-NY) reiterated his commitment to the Secure and Fair Enforcement (SAFE) Banking Act and other cannabis reforms as an Oct. 1 government shutdown looms.

Warning that demands from the far-right House Freedom Caucus, which is insisting on certain unlikely provisions in exchange for its vote to fund the government, Schumer called for unity. He also took the opportunity in a floor speech to pitch cannabis banking as a legislative priority, stressing that if a government shutdown occurs on Oct. 1, cannabis reform could end up on the back burner again.  

Cannabis Reform On The Table But Not An Easy Task

Schumer stressed that cannabis reform and other priorities like keeping the price of insulin down and competing with China in the global economy cannot move forward on the Senate floor without bipartisan support, reported Marijuana Moment.

“None of this will be easy either. The bills will require a lot of work and compromise. But if we can progress on these items, we will greatly improve the lives of average Americans,” Schumer said.

“Finding bipartisan compromise on issues like these is never easy, but that’s what it’ll take to get things done—and our efforts to do precisely that have already led to significant accomplishments under this majority,” Schumer said. “As we gavel back in, we will keep going to reward the trust the American people have placed in us.”

Ray Of Hope

Last week’s news that the Dept. of Health and Human Services will provide scheduling recommendations for cannabis to be moved from a Schedule I substance, which deems it as having no medical benefits and places it in the same category as drugs like heroin, to a Schedule III substance, has many in the industry feeling cautiously optimistic. In addition to other benefits, the move would alleviate cannabis businesses from the onerous IRS Code 280E that prohibits them from taking federal tax deductions.

To delve deeper into this possibly game-changing cannabis reform, join us at the upcoming Benzinga Cannabis Capital Conference in Chicago on September 27-28 where these issues and more will surely be creating buzz. All information is available at bzcannabis.com