{"id":48970,"date":"2021-07-20T07:53:34","date_gmt":"2021-07-20T15:53:34","guid":{"rendered":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/2021\/07\/20\/booker-responds-to-criticism-of-his-marijuana-banking-blockade-threat-in-twitter-qa\/"},"modified":"2021-07-20T13:45:42","modified_gmt":"2021-07-20T21:45:42","slug":"booker-responds-to-criticism-of-his-marijuana-banking-blockade-threat-in-twitter-qa","status":"publish","type":"post","link":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/2021\/07\/20\/booker-responds-to-criticism-of-his-marijuana-banking-blockade-threat-in-twitter-qa\/","title":{"rendered":"Booker Responds To Criticism Of His Marijuana Banking Blockade Threat In Twitter Q&A"},"content":{"rendered":"<\/p>\n

Sen. Cory Booker (D-NJ) is again making clear that he has no intention of advancing a bill to protect banks that work with marijuana businesses before the Senate approves his broader, newly unveiled measure to federally legalize cannabis<\/a>.<\/p>\n

The senator\u2014who recently released a draft version of the legislation alongside Senate Majority Leader Chuck Schumer (D-NY) and Senate Finance Committee Chairman Ron Wyden (D-OR)\u2014solicited feedback on the proposal on Twitter. But of the dozens of comments, he chose to respond to four for now, and most of those concerned marijuana banking legislation.<\/p>\n

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Last week, @SenSchumer<\/a>, @RonWyden<\/a> & I announced a historic plan to legalize marijuana federally, expunge records & help communities hurt by the failed drug war. This afternoon I\u2019d like to answer your questions about our plan\u2014please ask them by tagging me or use #MarijuanaJustice<\/a>.<\/p>\n

\u2014 Cory Booker (@CoryBooker) July 19, 2021<\/a><\/p>\n<\/blockquote>\n

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Booker has maintained a firm opposition to passing the Secure and Fair Enforcement (SAFE) Banking Act before advancing comprehensive reform. He reiterated that point last week<\/a>, saying he \u201cwill lay myself down\u201d to block the incremental policy change before full legalization is enacted.<\/p>\n

\u201cI\u2019m telling you right now, if somebody tries in the Senate to do just a banking bill,\u201d Booker said, it would only accomplish further enriching of people in a multi-billion industry without addressing the harms of the drug war.<\/p>\n

The senator\u2019s stance was cheered by some social justice advocates who worry that a banking-only bill will bolster the industry while leaving equity concerns unaddressed and jeered by others who say that if only the incremental reform is achievable now it should be pursued while broader efforts continue.<\/p>\n

Booker responded to three questions about the controversy on Monday. The senator was pressed on the fact that there may not be enough votes in the Senate to approve a federal legalization bill, but the SAFE Banking Act has bipartisan support and a clearer pathway to passage.<\/p>\n

\u201cHow can you block #SafeBanking when Safe is desperately needed to hurt black markets & be inclusive to minority communities + usher in social justice reforms?\u201d cannabis investor Jason Spatafora asked. \u201cSafe has GOP sponsors & there is an urgent need to protect small business owners being robbed for cash.\u201d<\/p>\n

Booker didn\u2019t directly address the question but said lawmakers \u201ccan both address the pressing need for cannabis businesses to access financial institutions and provide real restorative justice for those harmed by the War on Drugs. This is not a zero-sum game.\u201d<\/p>\n

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We can both address the pressing need for cannabis businesses to access financial institutions and provide real restorative justice for those harmed by the War on Drugs. This is not a zero-sum game. #MarijuanaJustice<\/a> https:\/\/t.co\/3xl8Dh2jsu<\/a><\/p>\n

\u2014 Cory Booker (@CoryBooker) July 19, 2021<\/a><\/p>\n<\/blockquote>\n

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Another person said, \u201cI feel that the [legalization] bill will not have enough votes to pass\u201d and, \u201cI think incremental steps may be the way forward such as expunging records, SAFE, elimination of [tax restrictions].\u201d<\/p>\n

\u201cHow do you see a path forward if it\u2019s all or nothing?\u201d he asked.<\/p>\n

\u201cBy going comprehensive & setting up a post-legalization system we believe we can build support & make progress on this issue,\u201d the senator replied. \u201cSAFE Banking lacks critical restorative justice provisions & we must do more to help communities unfairly impacted by the War on Drugs.\u201d<\/p>\n

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By going comprehensive & setting up a post-legalization system we believe we can build support & make progress on this issue. SAFE Banking lacks critical restorative justice provisions & we must do more to help communities unfairly impacted by the War on Drugs. #MarijuanaJustice<\/a> https:\/\/t.co\/QBHXnI9Cwm<\/a><\/p>\n

\u2014 Cory Booker (@CoryBooker) July 19, 2021<\/a><\/p>\n<\/blockquote>\n

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In a third question, a person asked: \u201cHow is the middle class\/poor folk supposed to invest in cannabis in States where it is legal if you won\u2019t pass #safebanking? How are we supposed to get funded for retail stores or grow operations? How can we collect money from sales?\u201d<\/p>\n

Again, Booker made the case that ending prohibition \u201cfixes the banking issue.\u201d<\/p>\n

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Ending the federal marijuana prohibition fixes the banking issue. Additionally, our legislation would create a grant program to help small cannabis businesses owned by socially and economically disadvantaged people. #MarijuanaJustice<\/a> https:\/\/t.co\/O9oHNNbYlz<\/a><\/p>\n

\u2014 Cory Booker (@CoryBooker) July 19, 2021<\/a><\/p>\n<\/blockquote>\n

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\u201cAdditionally, our legislation would create a grant program to help small cannabis businesses owned by socially and economically disadvantaged people,\u201d he said.<\/p>\n

But that\u2019s not quite the point that the three Twitter users were making. The senator declined to address the elephant in the room: it\u2019s quite possible that the wide-ranging legalization bill will not garner the 60 votes needed to pass in the Senate, even while Democrats hold a narrow majority. The SAFE Banking Act, which has passed in some form in the House four times at this point, and enjoys bipartisan support, stands a significantly better chance at passage and could resolve certain issues while lawmakers continue to push for broader reform.<\/p>\n

The new legalization legislation was not included as part of the $3.5 trillion budget reconciliation package that Senate Democrats agreed to last week. And Schumer recognized at the press conference that \u201cwe don\u2019t have the votes necessary at this point\u201d to pass cannabis legalization even with a reduced 50-vote threshold under the fiscal maneuver.<\/p>\n

During Monday\u2019s Twitter session, Booker did take a fourth, non-banking question.<\/p>\n

\u201cHow can we establish a market that is equitable and allows businesses of all sizes to thrive?\u201d the Coalition for Cannabis Policy, Education, and Regulation (CPEAR), a group backed by large alcohol and tobacco companies, asked.<\/p>\n

\u201cEstablishing a market that is equitable is a central component of our bill,\u201d Booker responded. \u201cThe bill would create a grant program run by the Small Business Administration to assist small marijuana businesses owned by socially and economically disadvantaged individuals.\u201d<\/p>\n

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Establishing a market that is equitable is a central component of our bill. The bill would create a grant program run by the Small Business Administration to assist small marijuana businesses owned by socially and economically disadvantaged individuals. #MarijuanaJustice<\/a> https:\/\/t.co\/YPFI9MElIn<\/a><\/p>\n

\u2014 Cory Booker (@CoryBooker) July 19, 2021<\/a><\/p>\n<\/blockquote>\n

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The senator encouraged Twitter users to continue to submit questions on the proposal and said he would continue to answer some throughout the week.<\/p>\n

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Thank you to everyone who asked questions about our plan to end the federal prohibition on marijuana. I\u2019ll answer more of them this week\u2014please continue to send any questions you have using #MarijuanaJustice<\/a>.<\/p>\n

\u2014 Cory Booker (@CoryBooker) July 19, 2021<\/a><\/p>\n<\/blockquote>\n

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Other questions that Booker has not yet address touch on issues such as state control vs. national legalization, provisions allowing federal agencies to continue drug testing employees for marijuana and whether there is a plan to actually get the votes needed to pass the legislation.<\/p>\n

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Would you speak to why your bill allows states to continue prohibition instead of legalizing the possession of marijuana nationwide, or at least incentivizing it?
Thank you for your commitment to #MarijuanaJustice<\/a> since day one and for standing up to CEOs last week, @CoryBooker<\/a>! https:\/\/t.co\/njocsDvQIh<\/a><\/p>\n

\u2014 Parabola Center for Law and Policy (@ParabolaCenter) July 19, 2021<\/a><\/p>\n<\/blockquote>\n

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What\u2019s your plan to eliminate employer based drug tests for marijuana? I\u2019m a Purple Heart Recipient, with a medical marijuana card, yet, i could still be fired by my employer if they chose to drug test me. #MarijuanaJustice<\/a><\/p>\n

\u2014 William Asquith Farnaby (@KevinMa04852547) July 19, 2021<\/a><\/p>\n<\/blockquote>\n

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What is the plan to get the necessary GOP votes to get this passed and end one of the worst and most embarrassing eras of US history? #MarijuanaJustice<\/a><\/p>\n

\u2014 PA Patient Podcast (@PAPatient1) July 19, 2021<\/a><\/p>\n<\/blockquote>\n

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The Cannabis Administration and Opportunity Act, an extensive, 163-page document, would federally deschedule cannabis, expunge prior convictions, allow people to petition for resentencing, maintain the authority of states to set their own marijuana policies and remove collateral consequences like immigration-related penalties for people who\u2019ve been criminalized over the plant.<\/p>\n

Under the proposal, a gradual federal tax rate would be imposed on marijuana sales, starting at 10 percent for the first year after the bill\u2019s enactment and the first, subsequent calendar year.<\/p>\n

Then it would be increased annually, rising from 15 percent to 20 percent to 25 percent. Starting in the fifth year post-enactment, the tax would be a \u201cper-ounce or per-milligram of THC amount determined by the Secretary of the Treasury equal to 25 percent of the prevailing price of cannabis sold in the United States in the prior year.\u201d<\/p>\n

The legislation immediately drew mixed reactions from advocates, other lawmakers and the White House.<\/p>\n

Minutes after the senators\u2019 press conference to unveil the bill, White House Press Secretary Jen Psaki was asked<\/a>\u00a0at her own daily briefing about the administration\u2019s position on the legislation.<\/p>\n

\u201cNothing has changed,\u201d regarding President Joe Biden\u2019s longstanding opposition to legalizing marijuana, \u201cand there\u2019s no new endorsements of legislation to report today,\u201d she said.<\/p>\n

The sponsors have made clear they are open to suggestions for how the draft proposal can be improved, and they are actively inviting public feedback. For example, they\u2019re especially interested in hearing about measuring cannabis potency, coordinating federal and state law enforcement responsibilities and balancing efforts to reduce barriers to entry to the marijuana industry while mitigating the influence of illicit cannabis operators.<\/p>\n

Interested parties are encouraged to submit comments on these and other issues to\u00a0Cannabis_Reform@finance.senate.gov<\/a>\u00a0by September 1.<\/p>\n

The hope is that the public comment period will help build buy-in from stakeholders and lawmakers, getting them closer to the 60-vote threshold they need to pass the legislation in the Senate. By the looks of it, it\u2019s going to be a tough battle that will require significant negotiations to push legalization across the finish line in the chamber.<\/p>\n

In recent months, Schumer has been making the case for reform everywhere\u00a0from a speech on the Senate floor on 4\/20<\/a>\u00a0to\u00a0a cannabis rally in New York City<\/a>.<\/p>\n

The three senators formally started their efforts on the legalization bill by holding a meeting earlier this year with representatives from a variety of advocacy groups to\u00a0gain feedback on the best approach to the reform<\/a>.<\/p>\n

Schumer made a point in March to say that it will specifically seek to restrict the ability of large alcohol and tobacco companies to overtake the industry. Instead,\u00a0it will prioritize small businesses<\/a>, particularly those owned by people from communities most impacted by prohibition, and focus on \u201cjustice, justice, justice\u2014as well as freedom,\u201d he said.<\/p>\n

He also urged voters to reach out to their congressional representatives and tell them that \u201cthis is long overdue.\u201d<\/p>\n

Meanwhile,\u00a0a separate House bill to federally legalize marijuana<\/a>\u00a0and promote social equity in the industry was reintroduced in May.<\/p>\n

The legislation, sponsored by Judiciary Committee Chairman Jerrold Nadler (D-NY), was filed with a number of changes compared to the version that was\u00a0approved by the chamber last year<\/a>.<\/p>\n

The Marijuana Opportunity, Reinvestment and Expungement (MORE) Act passed the House but did not advance in the Senate under GOP control. But this time around, advocates are optimistic that the policy change could be enacted now that Democrats run both chambers and the White House, and as more states are moving to enact legalization.<\/p>\n

President Joe Biden, however, is an outlier within the Democratic Party,\u00a0maintaining an opposition to adult-use legalization<\/a>\u00a0despite the widespread and increasingly bipartisan public popularity of the reform. It remains to be seen whether the president\u2014who campaigned on more modest pledges to decriminalize cannabis possession, expunge prior records and respect state legalization laws\u2014would stand in the way of a comprehensive policy change by threatening to veto the bill that\u2019s ultimately produced.<\/p>\n

Wyden, who under the chamber\u2019s new Democratic majority assumed the top spot on the Senate Finance Committee\u2014where the new legislation is likely to be referred once formally introduced\u2014recently said his goal will be to \u201cend the prohibition and come up with sensible tax and regulatory oversight at the federal level.\u201d<\/p>\n

He said in February that \u201cit\u2019s not enough in my view to just end cannabis prohibition,\u201d and \u201cI think we need to restore the lives of people who\u2019ve been hurt most by the failed war on drugs and especially black Americans.\u201d<\/p>\n

All three senators\u2014Schumer, Wyden and Booker\u2014have in past years introduced marijuana legalization bills that never got hearings or votes.<\/p>\n

Separately, a proposal to federally deschedule marijuana that does not include social equity components was\u00a0recently filed by a pair of Republican congressmen.<\/a><\/p>\n

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Missouri Marijuana Activists File Legalization Initiatives For 2022 As Other Groups Prepare Separate Measures<\/a><\/p>\n<\/blockquote>\n

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The post Booker Responds To Criticism Of His Marijuana Banking Blockade Threat In Twitter Q&A<\/a> appeared first on Marijuana Moment<\/a>.<\/p>\n


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Sen. Cory Booker (D-NJ) is again making clear that he has no intention of advancing a bill to protect banks that work with marijuana businesses before the Senate approves his broader, newly unveiled measure to federally legalize cannabis. The senator\u2014who recently released a draft version of the legislation alongside SenateContinue Reading<\/a><\/span><\/p>\n","protected":false},"author":458,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[18,81],"tags":[],"_links":{"self":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/48970"}],"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\/458"}],"replies":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/comments?post=48970"}],"version-history":[{"count":1,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/48970\/revisions"}],"predecessor-version":[{"id":48971,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/48970\/revisions\/48971"}],"wp:attachment":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media?parent=48970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/categories?post=48970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/tags?post=48970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}