A group of bipartisan lawmakers including Senators Jeff Merkley (D) and Steve Daines (R) along with Representatives David Joyce (R) and Earl Blumenauer (D) reintroduced a marijuana banking bill last week. Under the Secure and Fair Enforcement (SAFE) Banking Act of 2023, financial institutions would be allowed to provide financial services to legal cannabis businesses.
Just one day following the reintroduction of the bill, Senate Majority Leader Chuck Schumer (D) restated his pledge to push for the cannabis banking measure with criminal justice provisions, reported Marijuana Moment.
“The SAFE Banking Act would ensure cannabis businesses that operate in states with legal cannabis have equal access to critical banking infrastructure. Clearly, this bill has provisions particularly aimed at helping minority business owners who are at a critical disadvantage in the cannabis industry,” Schumer said.
“Right now, the norm for the cannabis businesses is to operate on all cash, and that is simply not fair: it exposes them to too many risks and stifles their opportunities to grow,” he continued “Congress should be in the business of promoting entrepreneurs, promoting job growth, not holding these things back.
“We have a moral responsibility in Congress to undo the terrible damage caused by the War on Drugs, and almost always has affected people of color. So I am going to work very hard with my colleagues to make sure criminal justice provisions are part of…
