Major cannabis reform in the Senate may be gaining momentum. Initially thought to be dead when pushed into the Senate, the SAFE Banking Act is slowly gaining bipartisan support from lawmakers across the US. The Safe Banking Act, works by enabling cannabis firms to use banking services, bolstering both the supply and manufacturing aspect of marijuana in the US.
Senator Patty Murray (D-WA) the No. 3 Senate Democrat is leading the push for this act to be passed. “This is a cash only business right now. It’s dangerous for the employees,” Murray, a member of the Senate conference committee heading negotiations for the final version of the bill, told The Hill. “It’s dangerous for the patrons, and it can be fixed.” Multiple other senators have issued statements on the Safe Banking Act, “The bottom line is that banking bill’s been out there for a long time. It’s ready to go. It needs to pass,” Sen. Jon Tester (D-Mont.), a member of the conference committee and a cosponsor of the SAFE Banking Act, told The Hill.
As of May 2022, there are 9 republican co-sponsors backing the bill and around 50 democrats, according to Sen. Steve Daines (R-MT). The bill is expected to get a vote within the next few months, hopefully being passed before the August recess. If the bill is not passed by the recess, we can expect significant delays due to November midterms.
More updates on the Safe Banking Act to come.
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