Chuck Schumer Pushes For Cannabis Banking In His Weekly 'Dear Colleague' Letter

In his weekly Dear Colleague letter, Senate Majority Leader Chuck Schumer (D-NY) renewed his call to pass a cannabis banking bill before the legislative period runs out.

"In the remaining months of this year, we also have an opportunity to advance legislation on a number of critical issues: lowering the cost of insulin and prescription drugs, safeguarding cannabis banking..." Schumer said in his Friday letter, first reported by Politico.

Schumer has consistently regarded the Secure and Fair Enforcement (SAFE) Banking Act as a legislative priority though he's acknowledged that achieving it "will not be easy", especially without Republican support. 

“Passing these bills will not be easy, and we will depend on the cooperation of our Republican colleagues to get any of them done,” Schumer said in a July 9 Dear Colleague letter.

But Now With Changes In The Wind?

The week's groundbreaking news that the Dept. of Health and Human Services is recommending the reclassification of marijuana as a Schedule III drug under the Controlled Substances Act could vastly change the cannabis landscape.

Among other banking and financial issues that burden the legal cannabis industry, the onerous 280E IRS code which prohibits cannabis dispensaries and other businesses from being able to take tax deductions could go away.  

Meanwhile, cannabis stocks jumped on the news, as witnessed by AdvisorShares Pure US Cannabis ETF MSOS surge of more than 14% on Thursday. 

Join us at the Benzinga Cannabis Capital Conference in Chicago on September 27 and 28 where you'll meet cannabis CEOs, advocates and individuals directly affected by this news. And, who knows...maybe we'll be looking at an entirely different landscape for cannabis in terms of legalization, cannabis banking, cannabis investing and all that this booming industry deserves.

All information is available on bzcannabis.com Benzinga Cannabis Capital

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CannabisGovernmentNewsPoliticsMarketsETFsGeneralBenzinga Cannabis Capital ConferenceCannabis Banking BillCCCChuck SchumerHHS
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!
CCC-Oct-24-Banner-1

Click on the image for more info.

Cannabis rescheduling seems to be right around the corner

Want to understand what this means for the future of the industry?

Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. 

Get your tickets now before prices surge by following this link.