EXCLUSIVE: Pritzker On What SAFER Banking, Cannabis Rescheduling Would Mean For Illinois

Illinois became the first state in the U.S. to fully legalize adult use cannabis through legislation with the passage of the Cannabis Regulation and Tax Act in 2020. Since then, the state has worked to help those who were previously impacted by cannabis-related offenses launch their own cannabis companies via the adult use cannabis social equity program.

The Secure and Fair Enforcement Regulation (SAFER) Banking Act and potential rescheduling under the Controlled Substances Act could provide those Illinois startups with much-needed relief.

"Safe banking is something that every one of those businesses needs and we've been advocating for since the beginning," Illinois Gov. J.B. Pritzker said Thursday in an interview at the Benzinga Cannabis Capital Conference in Chicago.

From Federal To State Cannabis Legislation: The Senate Banking Committee approved the SAFER Banking Act on Wednesday, which would allow cannabis businesses to legally access banks. 

This week marked the first time Senate members have voted in favor of the legislation. The bill will now move to the Senate floor for a full vote. If it's passed by the Senate, it will head to the House of Representatives.

Pritzker acknowledged he's a little worried about the Republican-controlled House and the position it may take on the bill, but based on conversations with other government officials, the governor believes it could get done in the next few months.

Illinois currently provides license holders with financial assistance through a loan program, but safe banking would change the game for legal cannabis companies, he said. 

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"Safe banking, there's no doubt that's very important. Rescheduling is also very important. I don't want to diminish that," Pritzker said.

The Department of Health and Human Services (HHS) recently recommended that cannabis be rescheduled from a Schedule I to a Schedule III controlled substance.

"We're talking about whether or not this is going to continue to be criminalized at the federal level and at what level. We've taken care of that at the state level," the Illinois governor said.

After Illinois passed its adult-use cannabis legislation, the state expunged over 800,000 low-level marijuana possession charges and Pritzker pardoned over 20,000 people who had previously been convicted, he said. 

"800,000 people now have the ability to ... rent an apartment that they couldn't before, get a job that they otherwise couldn't before and I'm really excited about that for the people of Illinois," Pritzker said.

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