'I'm Not Giving Up': House Rep Has Plan To Advance Cannabis Reform, SAFE Banking Act

Zinger Key Points
  • Rep. Ed Perlmutter "has championed" the SAFE Banking Act, which needs to reach a minimum 60-vote threshold to advance.
  • Rep. Adam Smith called SAFE Banking "a crucially important piece of legislation.”

“I’m not giving up on this darn thing yet,” Rep. Ed Perlmutter (D-CO) said, after the Secure and Fair Enforcement (SAFE) Banking Act was left out of the National Defense Authorization Act (NDAA).

Perlmutter, who sponsors the cannabis banking legislation, has another plan: attaching the reform to the pending omnibus appropriations legislation.

The Colorado Democrat made the announcement at a House Rules Committee meeting on Wednesday, according to Marijuana Moment. Bicameral and bipartisan support is needed “if we try to attach it to the appropriations bill," he said.

See Also: SAFE Still Has A Chance, Despite McConnell's 'No To Cannabis Reform': Here's Why

Senate Minority Leader Mitch McConnell (R-KY) lashed out at Democrats on Tuesday for their plan to include cannabis banking reform in the new defense bill. He called on Senate Majority Leader Charles Schumer (D-N.Y.) and Speaker Nancy Pelosi (D-Calif.) to strip the pot-related language from the defense bill.

Adam Smith (D-WA), the House Armed Services Committee Chairman, said he "really wanted to add" SAFE Banking, calling it "a crucially important piece of legislation.”

“I will emphasize the SAFE Banking bill as a standalone piece of legislation is in the Senate,” Smith said during the meeting. “They can go ahead and take it up and pass it, so the effort to push it in this bill forced the question and got to 59—and we’re not done yet.”

The legislation as a standalone needs to reach a minimum 60-vote threshold to advance to passage. “That bill can be brought up. The appropriations bills are coming, a [continuing resolution] is no doubt coming,” Smith concluded. “What we’ll do—and what I know Mr. Perlmutter would do and others—is go get that 60th vote.”

According to a recent Cantor's report, for stocks, SAFE, "on its own is positive, even though the larger and more impactful positive would be 'safe harbor language,' as that would propel the U.S. exchanges to uplist U.S. plant-touching stocks, rerating the entire sector."

Among the publicly-traded companies that would benefit from SAFE Banking include Cronos Group CRON CRON, Tilray Brands TLRY, Canopy Growth Corp. CGC WEED, SNDL SNDL and Organigram Holdings OGI OGI.

Get your daily dose of cannabis news on Benzinga Cannabis. Don’t miss out on any important developments in the industry.

Photo: Courtesy Of Elijah Mears On Unsplash

Market News and Data brought to you by Benzinga APIs
Posted In: CannabisGovernmentRegulationsPoliticsMarketsGeneralChairman Adam SmithCharles SchumerMitch McConnellNational Defense Authorization ActRep. Ed PerlmutterThe SAFE Banking Act
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

The Benzinga Cannabis Capital Conference is coming to Florida

The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.

Get your tickets now on bzcannabis.com – Prices will increase very soon!