On Wednesday, Sept. 29, the legislative branch took steps to make changes in regards to banking for the cannabis industry. These steps were in response to the fact that the industry is extremely limited in regards to their marijuana banking options while generating a lot of cash. In response to this situation, Representative Ed Perlmutter stressed that “we want to get that cash really off the streets because it attracts crime,” before describing how these situations draw different crimes to them. These crimes include murder, robbery, assault and battery, skimming, and fraud.

Past Attempts

This was the fifth attempt by the House to push forward a reform surrounding the banking situation for the cannabis industry. However, in regards to the Senate, there has been “some hesitation” according to Perlmutter. He stated how they want to create a larger piece of legislation. Specifically, those in the Senate want legislation that decriminalizes and deschedules, while also having criminal justice reform and taxation components.

Biggest Supporters

According to Marijuana Moment, those in the Senate that have been pushing for these changes in legislation are Senate Finance Committee Chairman Ron Wyden, Senate Majority Leader Chuck Schumer, and Senator Cory Booker. They have worked to put forward a broad reform while still supporting the cannabis banking policy change.

Reasons

The reason behind the fact that the Senate has been slow to meet the House’s pace is that there is division over how they should proceed. Specifically, they are divided over whether they should focus on comprehensive legalization legislation or banking reform. Schumer and Booker especially have been consistent with insisting that banking reform should take a back seat to the legalization legislation.

Current Plans

Booker has vowed to “lay himself down” to block any senators who try to pass marijuana banking legislation. Specifically, this would be before Congress approves a comprehensive cannabis reform. Schumer is similarly against marijuana banking legislation until that reform occurs as well. Sen. Jeff Merkley, the chief sponsor of the SAFE Banking Act, however, believes that banking legislation should be the focus. This is as he states “it does not make sense to hold up cannabis banking if there is no path to pass this broader reform,” meaning that since complete legalization is unlikely, banking should be the focus. Because of this division, congress has stalled legalization.

Hope

It is the hope of the activists and supporters of legalization that this slow speed will eventually change. Regardless of the path that lawmakers take, both routes will help offer benefits to the cannabis industry. The banking situation especially could help from either method. However, this would involve both halves of Congress picking up the pace. For now, these activists will just have to be patient.

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