Senate Banking Committee Confirms: No Vote On Cannabis Banking Bill Next Week

After much anticipation and encouraging remarks from members of the Senate Banking Committee like Sen. Sherrod Brown (D-OH) and Senate Majority Leader Chuck Schumer (D-NY), cannabis banking will not come to a vote next week. 

Though Senators from both sides of the aisle indicated that they are indeed intending to move forward on the Secure and Fair Enforcement (SAFE) Banking Act, a Banking Committee spokesperson told Marijuana Moment on Monday that the “markup won’t be next week.”

What Happened

Sen. Brown had told reporters last Wednesday that an agreement was “imminent” and reiterated that the SAFE Banking Act would likely get a committee hearing over the next six months although he warned that the issue won’t get everyone’s vote. 

“We know that some members of the committee are going to vote no regardless, but we think there’ll be something good that gets a good majority,” Brown said.

Analyst's View

Marijuana Moment (MM) reported that Jesse Redmond, an analyst with the Water Tower Research, cited “multiple sources” in a Monday report that seem to believe the vote would take place the week of September 18. These views, noted MM, do not “necessarily signal that anything major has changed with the timeline. But the exact forecast for a vote remains hazy.”

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

Lawmakers Have Their Work Cut Out For Them

Schumer said last week that while banking reform was making progress, he was under no illusion there will be "progress on the Senate floor unless we get bipartisan cooperation.” 

HHS Call To Reschedule Marijuana

The latest moves from top Senate policymakers follow the Department of Health and Human Services recommendation that the DEA reclassify cannabis from Schedule I to Schedule III status. This proposed change could exempt cannabis companies from IRS Code 280E and facilitate federal tax relief.

Cannabis Stocks Still Holding 

Cannabis stocks, like Canopy Growth CGC, Curaleaf Holdings CURLF, Tilray Brands TLRY, Cresco Labs CRLBF, Green Thumb Industries GTBIF and Trulieve TCNNF, to name a few, rallied following the news. 

Tilray and Aurora shares traded higher Monday amid the continued momentum.  

No doubt these issues will be among the hottest topics at the Benzinga Cannabis Capital Conference in Chicago on September 27 and 28, so why not join the conversation? All information is available on bzcannabis.com