Back in February, the House of Representatives approved a massive economic package called the America COMPETES Act, which contained an amendment from Rep. Ed Perlmutter to include the SAFE Banking Act in the legislation. This is the sixth time that the House has approved this popular reform. Unfortunately, the Senate continued to punt on this incremental but important issue by passing a companion bill that removed the SAFE Banking language. The legislation now moves to a conference committee where the House and Senate versions will be reconciled, and the Senate is the biggest hurdle to keeping cannabis banking reform in the final compromise bill. Currently, small marijuana-related businesses are suffering from a lack of traditional lending and simple banking services. Because of this, they are increasingly the targets of robberies, some of which have resulted in fatalities in recent months. Inaction on SAFE Banking is limiting opportunities and literally costing lives.
NORML, 04/18/2022 20:00:00