The U.S. House of Representatives tacked cannabis banking reform onto a must pass defense appropriations bill, with some observers suggesting it has a chance of passing. The U.S. Senate now takes up the bill.
- Legalization supporter Rep. Ed Perlmutter (D-Colo.) explained to Marijuana Moment how he thinks it could pass: “I think the fifth time is the charm,” he said.
- The bill has strong support from the American Bankers Association.
- Sen. Kevin Cramer (R-S.D.), who opposes REC legalization but sponsored a banking reform bill, is open to the defense bill as the “vehicle.” (Perhaps not coincidentally, Cramer receives more campaign contributions from securities and investment than from any other industry.)
- The bill could face resistance from Senate Democrats who have called for comprehensive reform that includes equity provisions.
- This summer, Sen. Cory Booker (D-N.J.), who worked on the bill with Schumer said “I will lay myself down to do everything I can to stop an easy banking bill that’s going to allow all these corporations to make a lot more money off of this, as opposed to focusing on the restorative justice aspects.”
- I previously wrote about tensions between incremental and comprehensive reform.