The legalization of Cannabis across America took another step forward on Wednesday as the Senate Banking Committee advanced marijuana-related legislation to the floor for the first time.
The Secure and Fair Enforcement Regulation (SAFER) Banking Act, would enable legal marijuana businesses to bank at major financial institutions. Under current federal laws, banks and creditors can be prosecuted if they provide services banking and financial services to businesses selling weed.
Committee Majority Supports The Bill
The committee supported the Bill by a 14-9 vote, with Republicans Kevin Cramer of North Dakota, Steve Daines of Montana, and Cynthia Lummis of Wyoming voting in favor of the legislation advancing to the Senate floor.
On Wednesday, Senate Majority Leader Chuck Schumer announced that he would soon bring the legislation to the floor for full Senate consideration. At that point, senators will then have the chance to offer amendments.
Goodbye Cash Transactions
“For too long, cannabis businesses have been forced to rely primarily on cash transactions,” Schumer said. “Dealing only in cash stifles these businesses' growth, opens them up to so many risks, makes them easy targets for theft, robbery and other crimes. No industry has the ability to thrive if they can't access banking infrastructure, especially not an industry that's growing as quickly and is as new as the cannabis industry.”
The bill's sponsor, Oregon Senator Jeff Merkley, called the measure advancing out of the committee stage a “Historic moment,” and he is “Committed to building bipartisan momentum to finally get a bill signed into law that ends the cannabis cash economy and improves public safety across the nation.”
However, even if the SAFER Banking Act passes in the Senate, its fate in the House is less certain, although some Republicans, including House Speaker Kevin McCarthy, have voted for the bill in previous years. McCarthy has not confirmed whether he would prioritize the legislation in Congress given his slim majority.
Source: NBC
