Cannabis Banking Reform Sparks Reactions From Advocates, Marijuana Retail Giants

After seven tries, Wednesday’s Senate Banking Committee vote to move a cannabis reform bill to the Senate floor marks the first time that Senate members have agreed to consider alleviating the major burden facing the billion-dollar banking cannabis industry: access to banking and financial institutions and all that implies. 

The 14-9 vote provides the bill with sufficient bipartisan support to pass through the broader Senate, the main stumbling block for getting this essential piece of regulatory reform over the finish line. 

An organization that has been advocating for cannabis legalization for more than 50 years says that it’s quite impossible for any industry to operate safely, transparently or effectively without access to banks or other financial institutions.

Also Read: EXCLUSIVE: What's Next For Cannabis? Industry Experts Discuss Game-Changing New Policies

NORML Responds

“Marijuana businesses’ lack of access to these necessary financial services creates serious threats to the safety of cannabis consumers and the employees that serve them, limits transparency and accountability for those operating in this legal industry, and severely hinders the ability of small businesses to effectively compete with the underground market and with larger well-funded companies,” said Morgan Fox, political director of the National Organization for the Reform of Marijuana Laws (NORML). 

Why It Matters

Successfully moving the bill from the Senate Banking Committee to the Senate floor reflects a historic milestone, as it is the first time cannabis banking has been considered by the Senate. 

Boris Jordan, founder and chairman of Curaleaf Holdings CURLF who is a keynote speaker at the Benzinga Cannabis Capital Conference underway in Chicago, sounds confident that the SAFER Banking bill will reach the Senate floor sooner rather than later.

“Safer will advance the process to reach the Senate floor later this year! A monumental decision for the cannabis industry, it brings us closer to enhanced safety, cost savings, bolstered economic growth and more.”

Meanwhile, Senate Majority Leader Chuck Schumer (D-NY) is pledging to bring it to the floor “very soon” as a group of four GOP senators vowing to kill the legislation. 

Want to watch more about the cannabis bill and what it means for the industry? Tune in to the Benzinga Cannabis Capital Conference in Chicago live. For existing subscribers, you can get direct access through our research platform. For new users, you can get instant access here!

Also Read: US Rep Blumenauer Highlights Growing Bipartisan Support For Cannabis Legislation At Benzinga Cannabis Capital Conference

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