EXCLUSIVE: Perlmutter's Push And The Next Step In Cannabis Rescheduling, Banking Reforms

Rescheduling cannabis from a schedule one drug to a schedule three drug was top of mind for former U.S. Rep. Ed Perlmutter, who spoke exclusively to Benzinga at its Cannabis Capital Conference in late September.

The former U.S. representative, who has been an influential figure in the cannabis industry, said that while the Health and Human Services Department recommended the Drug Enforcement Administration reschedule cannabis, the responsibility now lies with the DEA.

A potential rescheduling comes at a pivotal time as the Senate Banking Committee passed the long-delayed banking bill related to the cannabis industry, now slated for the Senate floor and subsequently the House.

Perlmutter told Benzinga he was optimistic about its passage, noting, "We still think that there are plenty of votes between the Democrats and the Republicans to pass it out of the House."

The Democratic stalwart who served as the U.S. representative for Colorado’s 7th congressional district, told Benzinga that he thinks rescheduling can come as soon as "six to nine months, [or] by the summer of next year."

Perlmutter, who opted not to seek reelection in 2022, has been instrumental in pushing for better access to banking and financial services for cannabis businesses since 2013.

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The legislation he co-introduced, initially the Marijuana Business Access to Banking Act, was later renamed the Secure and Fair Enforcement (SAFE) Banking Act in 2017. Alongside then-Rep. Denny Heck, Perlmutter introduced legislation to enhance access to banking and financial services for cannabis businesses.

The act, aiming to legalize financial services for state-legal marijuana businesses, isn’t without its obstacles though.

Senate Majority Leader Chuck Schumer’s intention to bring the SAFE Banking Act for a vote faces potential hiccups in the House, given the revisions and broad discretions the amended bill now captures.

Amidst the shifting political winds and evolving legislative landscape, Perlmutter’s work in cannabis reform helped shift the course for an industry at the cusp of transformation.

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