The House has passed The SAFE Banking Act in a
\nmajor step towards providing state-legal cannabis businesses access to proper
\nbanking services and a safer atmosphere that comes with not having giant piles
\nof money. <\/p>\n
The bill<\/a> passed late Wednesday afternoon by a Its next stop in the Senate looks promising On the eve of the historic vote, one of the https:\/\/twitter.com\/HouseJudiciary\/status\/1176637394520596481\/photo\/1<\/a><\/p>\n Members of the Cannabis Caucus actually called Nadler\u2019s MORE Act<\/a> better than the SAFE Banking Act, but will be supporting both pieces of legislation. <\/p>\n Rep. Kendra Horn of the booming cannabis state of Oklahoma<\/a> was the first person to speak on the SAFE Banking Act the day of the vote. A lot of the day\u2019s discussions prior to the vote had been on the Debbie Smith Act<\/a> and the current news cycle around President Donald Trump\u2019s Ukraine call<\/a>.\u00a0 \u00a0<\/p>\n About 30 Minutes into the House\u2019s day Horn \u201cThe SAFE Banking Act is a bipartisan bill According to Horn, this past April Oklahomans \u201cThis industry is bringing revenue to our But that was just the pregame. Things would be Four minutes after 4:20 p.m. the house commenced debate on H.R. 1595. Everyone was really excited about how nice they were to each other compared to recent topics in Congress, like the whistleblower complaint<\/a> resolution earlier in the day. <\/p>\n Rep. Ed Perlmutter of Colorado, the bills main Perlmutter kicked things off saying he was \u201cWe need these marijuana businesses and their Perlmutter then again stressed the most McHenry took the mic next saying he stood in \u201cIf we seek to give financial institutions McHenry went on to call The SAFE Banking act Waters followed McHenry. She spoke on the Some drug policy organizations had been wary The Drug Policy \u201cWe had no objections to the substance of the The debate would also feature the co-chairs of Blumenauer would \u201cToday\u2019s vote is historic,\u201d Blumenauer said. \u201cThe Blumenauer also said states have outpaced the NORML<\/a> \u201cFor the first time ever, a supermajority of Strekal went on to \u201cNow we look to the Senate, where we are The National Cannabis Industry Association<\/a> has \u201cIt\u2019s incredibly gratifying to see this strong Smith called on the Senate to act swiftly in The SAFE Banking Act\u2019s companion bill in the TELL US,<\/strong>\u00a0do you support banking access for the cannabis The post House Passes SAFE Banking Act<\/a> appeared first on Cannabis Now<\/a>.<\/p>\n
The House has passed The SAFE Banking Act in a major step towards providing state-legal cannabis businesses access to proper banking services and a safer atmosphere that comes with not having giant piles of money. The bill passed late Wednesday afternoon by a vote of 321 to 103. Republicans wereContinue Reading<\/a><\/span><\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[290,50,3764,11615,81,7565],"tags":[],"_links":{"self":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/38447"}],"collection":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/comments?post=38447"}],"version-history":[{"count":1,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/38447\/revisions"}],"predecessor-version":[{"id":38448,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/38447\/revisions\/38448"}],"wp:attachment":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media?parent=38447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/categories?post=38447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/tags?post=38447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nvote of 321 to 103. Republicans were nearly split, with 91 voting in favor of
\ncannabis banking and 102 against. One lone Democrat voted against the bill. <\/p>\n
\nthanks to provisions that will help rekindle Mitch McConnell\u2019s beloved Kentucky
\nhemp industry with better banking services, and then it\u2019s off to the White
\nHouse. <\/p>\n
\nmost powerful members of Congress, and a newly minted champion of federal cannabis
\nreform, House Judiciary Committee Jerry Nadlerput put his weight behind the
\nvote. <\/p>\n
\ntook the podium. She called the bill an important piece of pragmatic
\nlegislation. <\/p>\n
\nthat confronts a problem that has arisen from the conflict between state and
\nfederal law and is currently endangering communities. As well as hindering
\nsmall businesses from growing,\u201d Horn said. <\/p>\n
\nspent more than $18 million on medical cannabis. <\/p>\n
\nstate, helping small businesses, and helping those who suffer from physical
\nailments,\u201d she said.\u00a0 <\/p>\n
\ndominated for the next few hours by the Ukraine scandal and the southern
\nborder<\/a>. But the timing would end up almost perfect when it came time to
\nstart the cannabis banking debate. <\/p>\n
\nsponsor, and Rep. Patrick McHenry of North Carolina would each control 20
\nminutes of time for the debate. But we use the term debate loosely. While there
\nwere some quick references to health concerns, the idea cartels wanted to
\nlaunder their money in a heavily scrutinized industry, and an old school \u201cDid
\nyou know these states are breaking the law?\u201d Generally, things were pretty
\npro-pot or public safety on both sides of the aisle. <\/p>\n
\nproud to pass this public safety bill that was about accountability and
\nrespecting states\u2019 rights. He also covered the most pragmatic aspects. <\/p>\n
\nemployees to have access to checking accounts, lines of credit, payroll
\naccounts, and more,\u201d Perlmutter said.\u201cThis will promote transparency and
\naccountability, and help law enforcement root out illegal transactions.\u201d <\/p>\n
\nimportant thing was not allowing dispensaries and their employees to continue
\nto be the targets of violent crime. <\/p>\n
\nopposition to the bill not because of the lack of goodwill going around, or
\nwillingness to engage, but said it\u2019s just a fundamental difference in
\napproaches. McHenry said he had a lot of respect for the way everyone on both
\nsides was conducting themselves around an issue that could cause a lot of
\ncontroversy. <\/p>\n
\ncertainty, we should deal with the listing of cannabis as a Schedule I
\nsubstance. Not debating a solution for financial institutions to what is a much
\nlarger problem and a larger societal issue we must wrestle with,\u201d McHenry said.
\n\u201cShould continue to be allowed to violate federal law? Does federal law need to
\nbe changed\u2026 when it comes to the scheduling of cannabis?\u201d<\/p>\n
\none of the biggest changes to U.S. drug policy in his lifetime. But he felt it
\nwas done with little debate and pointed to some questions he had for Financial
\nServices Subcommittee Chairwoman Maxine Waters in March that were yet to be
\nanswered. <\/p>\n
\namount of effort everyone had put in over the years to get to the vote and
\nstuck to the general public safety angle. Waters also noted on the ancillary
\nservices like plumbers and electricians that would benefit from getting a check
\nand not piles of cash. <\/p>\n
\nof pushing cannabis banking through without wider conditions to support the
\ncommunities hit the hardest by the War on Drugs. But Waters explained how the
\nbill would promote diversity by giving minority and women-owned businesses access
\nto the credit they need to compete. <\/p>\n
\nAlliance<\/a> released a comment on the passage of the bill. <\/p>\n
\nSAFE Banking bill,\u201d said Queen Adesuyi, DPA\u2019s Policy Coordinator at its Office
\nof National Affairs, \u201cHowever, DPA and allies from the civil rights community
\nsent a letter of concern because we believe it is a mistake for the House to
\npass an incremental industry bill before passing a comprehensive bill that
\nprioritizes equity and justice for the communities who have suffered the most
\nunder prohibition. We have long feared that passing SAFE Banking would
\nundermine passage of the MORE Act by taking the momentum out of marijuana
\nreform. The onus is now upon House Democrats to prove us wrong and pass the
\nMORE Act.\u201d<\/p>\n
\nthe Congressional Cannabis Caucus Rep. Earl Blumenauer and Rep. Barbara Lee,
\nstanding in support. Early in the debate, Perlmutter called Blumenauer the
\nquarterback of all the various marijuana bills currently making their way
\nthrough Congress. <\/p>\n
\nbe one of the first to offer a statement following the victory. <\/p>\n
\nHouse of Representatives took the most significant step thus far in addressing
\nour outdated and out-of-touch federal cannabis laws. It never made any sense to
\ndeny state-legal cannabis businesses access to banking services. It not only
\nseriously disadvantaged these businesses, but it also was an open invitation to
\ntheft, tax evasion, and money laundering. Congressmen Perlmutter and Heck have
\nfought tirelessly to bring their bill to the floor, and I applaud Chairwoman
\nWaters and House leadership for their support.\u201d<\/p>\n
\nfederal government on this issue, \u201cand state-legal cannabis industries and
\ntheir employees have suffered. There is much more to be done to end this
\nsenseless prohibition. This is just the beginning.\u201d<\/p>\n
\nPolitical Director Justin Strekal was quick to weigh in on the historic vote. <\/p>\n
\nthe House voted affirmatively to recognize that the legalization and regulation
\nof marijuana is a superior public policy to prohibition and criminalization,\u201d
\nStrekal said.<\/p>\n
\ngive his hopes on the other half on Congress.<\/p>\n
\ncautiously optimistic,\u201d Strekal said. \u201cGiven the strong bipartisanship of the
\nHouse vote, coupled with Senate Banking Chairman Mike Crapo\u2019s recent pledge to
\nhold a markup on this issue, we believe that Congress\u2019s appetite to resolve
\nthis important issue has never been greater.\u201d<\/p>\n
\nbeen working on the banking issue for the past six years and today\u2019s vote
\nmarked one of their biggest victories ever.<\/p>\n
\nbipartisan showing of support in today\u2019s House vote,\u201d said NCIA Executive
\nDirector Aaron Smith after speaking on NCIA\u2019s congressional partners. \u201cWe owe a
\ngreat debt of gratitude to the bill sponsors, who have been working with us to
\nmove this issue forward long before anyone else thought it was worth the effort.\u201d<\/p>\n
\ngetting the bill to the President\u2019s desk. \u201cThis bipartisan legislation is vital
\nto protecting public safety, fostering transparency, and leveling the playing
\nfield for small businesses in the growing number of states with successful
\ncannabis programs,\u201d Smith said.<\/p>\n
\nSenate is S. 1200. It was introduced by Senators Cory Gardner and Jeff Merkley
\nin April. NCIA noted that The Senate Banking Committee held a hearing on it in
\nJuly and Banking Committee Chairman Mike Crapo announced cannabis banking
\nlegislation is very possible and being taken seriously. <\/p>\n
\nindustry?<\/p>\n
\n
\nRead More: House Passes SAFE Banking Act<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"