Lawmaker On Cannabis Banking Reform Passing In Congress: 'We Haven't Made This Our Highest Priority... It Requires Cooperation'

In an impassioned conversation at the recent Benzinga Cannabis Capital Conference in Miami, Representative Dean Phillips made a compelling case for the SAFE Act, a piece of legislation struggling to make it across the congressional finish line. "The truth is, I've got a lot of Republican colleagues who are actually very favorable on this subject. But the fact of the matter is, I don't think leadership is," Rep. Phillips opened up, highlighting the challenges the SAFE Act currently faces.

The Republican-led House remains a critical hurdle. Despite acknowledging some bipartisan support, Rep. Phillips was candid about the partisan divide that exists, as well as the difficulty of progressing any legislation through committee. "With Republican control of the House right now, moving anything through committee is going to be complicated," he explained.

The numbers seem to echo his point. "I think there were 180 co-sponsors of the SAFE Act in the last Congress, about 26 of whom were Republicans, 154 Democrats. So you get a sense of that gap," Phillips further elaborated, painting a stark picture of the political landscape surrounding the SAFE Act.

Nevertheless, there remains a glimmer of hope. The SAFE Act, which has been passed several times in the House, clearly has supporters. "It's passed [many] times. So clearly the effort has been made," said Rep. Phillips, alluding to the perseverance of the bill's advocates.

Furthermore, the role of the Problem Solvers Caucus, a bipartisan group of 64 members that meet weekly, may be pivotal. "We're the workhorses, not the show horses," Rep. Phillips stated, emphasizing the group's commitment to cooperation and problem-solving, despite acknowledging that the SAFE Act hasn't been a top priority for the caucus.

However, he believes it's the Republican leadership's cooperation that will be the game-changer. "It is something that I think will require that kind of cooperation and inspiration amongst Republican leadership to at least give it a vote," he said, stressing the importance of not just support, but action.

The key, Rep. Phillips suggests, lies in a simple vote. "If it gets a vote, it'll pass because it only needs five Republicans," he confidently stated, believing that the SAFE Act can achieve bipartisan success if given the opportunity.

Aspiring to learn more about the industry? The Benzinga Cannabis Capital Conference is scheduled to return to Chicago on September 27 and 28. More information is available at bzcannabis.com