{"id":66115,"date":"2023-06-21T06:26:07","date_gmt":"2023-06-21T14:26:07","guid":{"rendered":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/2023\/06\/21\/schumer-is-confident-marijuana-banking-bill-will-pass-this-session-according-to-cannabis-entrepreneur-who-spoke-to-majority-leader\/"},"modified":"2023-06-21T19:47:06","modified_gmt":"2023-06-22T03:47:06","slug":"schumer-is-confident-marijuana-banking-bill-will-pass-this-session-according-to-cannabis-entrepreneur-who-spoke-to-majority-leader","status":"publish","type":"post","link":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/2023\/06\/21\/schumer-is-confident-marijuana-banking-bill-will-pass-this-session-according-to-cannabis-entrepreneur-who-spoke-to-majority-leader\/","title":{"rendered":"Schumer Is \u2018Confident\u2019 Marijuana Banking Bill Will Pass This Session, According To Cannabis Entrepreneur Who Spoke To Majority Leader"},"content":{"rendered":"

<\/p>\n

Senate Majority Leader Chuck Schumer (D-NY) is \u201cconfident\u201d Congress will be able to pass a bipartisan marijuana banking bill this session\u2014and other Democratic senators also echoed that point, according to a cannabis industry entrepreneur who spoke with the lawmakers recently.<\/p>\n

After speaking at an event focused on higher education last week, Schumer was approached by the CEO of the Colorado-based cannabis company Simply Pure, Wanda James, who became the first Black woman in the country to own a licensed marijuana dispensary in 2009.<\/p>\n

In a phone interview on Tuesday, James told Marijuana Moment that she spoke with the majority leader about the Secure and Fair Enforcement (SAFE) Banking Act, expressing how Black entrepreneurs in the industry are broadly supportive of the incremental reform to free up banks and credit unions to work with state-licensed cannabis businesses.<\/p>\n

\n

Democrats! Let\u2019s get #SAFEBanking<\/a> done! @SenSchumer<\/a> small business owners in cannabis who happen to be Black need you and your team to get this done. We are counting on you. @SenatorBennet<\/a> @SenatorHick<\/a> pic.twitter.com\/8IkYyJGSKy<\/a><\/p>\n

\u2014 Wanda L. James (@WandaLJames) June 20, 2023<\/a><\/p>\n<\/blockquote>\n

\n

Schumer appeared \u201cconfident\u201d that the marijuana bill, which received an initial hearing in the Senate Banking Committee<\/a> last month, will advance and be enacted this year, according to James, who emphasized that the brief chat with the majority leader was not a formal sit down with him and his staff.<\/p>\n

Schumer noted in the discussion that there\u2019s enough Republican support in the Senate to move SAFE Banking to the House, where it\u2019s passed in some form seven times in recent years.<\/p>\n

\u201cFrom my conversation that I briefly had with Senator Schumer,\u201d as well as separate discussions with Sens. John Hickenlooper (D-CO) and Michael Bennet (D-CO) during the trip to D.C., \u201cI am of the opinion that our Democratic leadership believes that this is something we can get done,\u201d James said.<\/p>\n

Marijuana Moment reached out to Schumer\u2019s office for comment, but a representative was not immediately available.<\/p>\n

Lawmakers, advocates and stakeholders might have different opinions about what the final product should look like\u2014with Schumer pushing for expungements provisions when it reaches the floor and certain industry representatives advocating for an expansion of the overall financial protections, for example. But the sentiment that James heard from key senators was confidence that something<\/em> is achievable, even if that means incrementalism first.<\/p>\n

\n

Spoke with @SenSchumer<\/a> last night, he feels confident we will get #SafeBanking<\/a> done. @SenatorHick<\/a> and @SenatorBennet<\/a> felt we will get it done as well. I also had long conversation with @RepPerlmutter<\/a> . He dispelled the neg talking points about this Bill. @m4mmunited<\/a> @Gia_Vm<\/a><\/p>\n

\u2014 Wanda L. James (@WandaLJames) June 15, 2023<\/a><\/p>\n<\/blockquote>\n

\n

Some equity-focused advocates have taken a skeptical or hostile stance on SAFE Banking, which is expected to receive a committee markup within weeks, as a standalone\u2014arguing that it would not be appropriate to pass the industry-focused measure ahead of broader justice-focused reforms.<\/p>\n

James says she and other business owners in the space share the perspective that comprehensive legalization is the \u201cend game.\u201d But she emphasized that the vast majority of Black operators that she knows in this space are backing modest financial reform in the interim.<\/p>\n

\u201cI would be thrilled to see more and more movement on this. However\u2014make no mistake\u2014first and foremost, we must get basic banking over the finish line,\u201d she said, adding that her own personal bank accounts were closed recently due to her involvement in the marijuana industry.<\/p>\n

\u201cIt had nothing to do with anything except for the fact that I\u2019m a CEO of a cannabis business,\u201d James said.<\/p>\n

\n

OK Democrats, don\u2019t mess this up. W\/O banking no business will survive, including the POC biz people already in the industry.
\nSAFE Banking Has 10 Republicans Votes Needed For Passage, According To Cannabis Industry Insider @TheDalesReport<\/a> https:\/\/t.co\/lnGLNy0RIQ<\/a><\/p>\n

\u2014 Wanda L. James (@WandaLJames) June 20, 2023<\/a><\/p>\n<\/blockquote>\n

\n

While the SAFE Banking Act has yet to be scheduled for a committee markup, lawmakers from across the aisle are signaling that the votes are there for passage\u2014so long as there are no major contentions or hiccups along the way.<\/p>\n

Sen. Tommy Tuberville (R-AL) said last week that he\u2019s a \u201cyes\u201d on the legislation<\/a>, for example. He just doubts that Democratic leadership will follow through on their pledge to get the job done this year.<\/p>\n

Democrats would likely contest that characterization. Senate Banking Committee Chairman\u00a0Sherrod Brown (D-OH) said earlier this month that\u00a0he wants to hold a vote on it<\/a> \u201cin the next two or three weeks,\u201d for instance.<\/p>\n

As its currently drafted, the measure would protect banks and credit unions, as well as depository institutions, from being penalized by federal regulators for working with state-licensed cannabis businesses.<\/p>\n

Schumer and others have discussed plans to amend the legislation on the floor to\u00a0adopt \u201ccritical\u201d criminal justice provisions<\/a>\u00a0such as expungements for prior marijuana convictions, calling\u00a0broader effort to repair the harms of the drug war\u00a0a \u201cmoral responsibility\u201d for Congress<\/a>.<\/p>\n

\u2014
\nMarijuana Moment is tracking more than 1,000 cannabis, psychedelics and drug policy bills<\/a> in state legislatures and Congress this year. Patreon supporters<\/a> pledging at least $25\/month get access to our interactive maps, charts and hearing calendar so they don\u2019t miss any developments.<\/strong>
\n\"\"<\/a>
\nLearn more about our marijuana bill tracker<\/a> and become a supporter on Patreon<\/a> to get access.
\n\u2014<\/strong><\/strong><\/p>\n

It\u2019s unclear if members will move to make any revisions to the measure in committee at the markup, whenever that might be, but at least one Democratic senator on the panel has previewed changes he would like to make to the main banking provisions.<\/p>\n

Sen. Jack Reed (D-RI) and some consumer groups have raised concerns that Section 10 of the bill could inadvertently\u00a0limit the ability of regulators to take action<\/a>\u00a0against people exploiting banking services.<\/p>\n

Brown himself previously said that he worried banking representatives were trying to\u00a0use the legislation to \u201cweaken bank rules\u201d<\/a>\u00a0and \u201cundermine\u201d regulations.<\/p>\n

Others have also floated other changes that they\u2019d like to see incorporated into the cannabis bill such as expanding protections to free up marijuana industry access to all forms of financial services, including representation on major U.S. stock exchanges<\/a>.<\/p>\n

That request has\u00a0faced some criticism from other advocates who say that would be an inappropriate move to help businesses while efforts to legalize marijuana stall in Congress.<\/p>\n

A major cannabis lobbying firm apologized last month after sending a letter to Senate Banking Committee leadership concerning the banking bill\u00a0that contained \u201cinappropriate\u201d references<\/a>\u00a0to investments from China in a \u201cmisguided attempt\u201d to push for amendments expanding the legislation.<\/p>\n

Sen. Jacky Rosen (D-NV) also recently said that\u00a0she wanted the SAFE Banking Act to pass with an amendment<\/a>\u00a0allowing cannabis businesses to access federal Small Business Administration (SBA) services.<\/p>\n

In April, Schumer said that he was \u201cdisappointed\u201d that a so-called SAFE Plus package of cannabis reform legislation didn\u2019t advance last year, saying \u201cwe came close,\u201d but \u201cwe ran into opposition in the last minute.\u201d He said\u00a0lawmakers will continue to \u201cwork in a bipartisan way\u201d<\/a>\u00a0to get the job done.<\/p>\n

The majority leader has been\u00a0holding meetings with Democratic<\/a>\u00a0and Republican members<\/a>\u00a0in the early months of the new Congress to discuss cannabis reform proposals that might have bipartisan buy-in this year.<\/p>\n

Sen. Cory Booker (D-NJ) said recently that lawmakers are\u00a0working to \u201cresurrect\u201d the cannabis reform package<\/a>, acknowledging that failure to advance a banking fix for the industry \u201cliterally means that hundreds of businesses go out of business.<\/p>\n

Rep. Earl Blumenauer (D-OR), who is a lead sponsor of the House version of the SAFE Banking Act, said at a recent press briefing that thinks it\u2019s important that advocates and lawmakers align on any incremental proposals to end the drug war,\u00a0warning against an \u201call-or-nothing\u201d mentality<\/a>.<\/p>\n

The American Bankers Association (ABA) also\u00a0recently renewed its call for the passage<\/a>\u00a0of the legislation. And all 50 of its state chapters did the same, as did insurance and union organizations,\u00a0in recent letters to congressional leadership<\/a>.<\/p>\n

\n

Wisconsin Governor Signs Bill With GOP Provision Blocking Local Marijuana Legalization Advisory Questions<\/a><\/p>\n<\/blockquote>\n

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Photo courtesy of Mike Latimer.<\/em><\/p>\n

The post Schumer Is \u2018Confident\u2019 Marijuana Banking Bill Will Pass This Session, According To Cannabis Entrepreneur Who Spoke To Majority Leader<\/a> appeared first on Marijuana Moment<\/a>.<\/p>\n


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Senate Majority Leader Chuck Schumer (D-NY) is \u201cconfident\u201d Congress will be able to pass a bipartisan marijuana banking bill this session\u2014and other Democratic senators also echoed that point, according to a cannabis industry entrepreneur who spoke with the lawmakers recently. After speaking at an event focused on higher education lastContinue Reading<\/a><\/span><\/p>\n","protected":false},"author":458,"featured_media":66116,"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\/66115"}],"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=66115"}],"version-history":[{"count":1,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/66115\/revisions"}],"predecessor-version":[{"id":66117,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/66115\/revisions\/66117"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media\/66116"}],"wp:attachment":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media?parent=66115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/categories?post=66115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/tags?post=66115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}