Congress under pressure: Colorado officials push for cannabis banking reform

Through Jelena Martinovic

With the close of Congress just around the corner, marijuana advocates, advocacy groups and lawmakers continue to push for a change in marijuana banking policy.

This time, Colorado Gov. Jared Polis (D) joined with Lt. gov. Dianne Primavera (D), Attorney General Phil Weiser (D), Treasurer Dave Young (D) and Department of Public Safety (DPS) Executive Director Stan Hilkey, together in urging leaders of Congress to reconsider the issue, reported Marijuana Moment.

In a letter sent Monday to leaders of the House and Senate, Colorado officials focused on the impact a bipartisan marijuana bank law will have on public safety and industry justice.

“The lack of secure banking and financial services for the cannabis industry in the state of Colorado has become a serious public safety concern for highly regulated cannabis companies that operate in accordance with state laws,” officials said.

The letter, which followed President Biden’s announcement that he would pardon previous federal cannabis possession convictions, also addressed the “uneven playing field for small and minority-owned cannabis companies” caused by a lack of safe banking.

“We are proud of the robust cannabis structure in our state that protects public safety, supports responsible innovation, and most importantly, fosters the myriad economic developments and social benefits the industry has brought to all Colorado residents, particularly minorities, women, and veterans – own small businesses,” the letter reads.

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Bank reform law nears passage

Rep. Ed Perlmutter’s (D-CO) Secure and Fair Enforcement (SAFE) Banking Act has passed the House of Representatives multiple times but has stalled in the Senate.

Meanwhile, Cantor Fitzgerald analyst Pablo Zuanic, who recently met with lawmakers in Washington, DC, said last week that congressional leaders are considering a bench measure for the cannabis industry in the upcoming election.

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The analyst also said that the marijuana industry may not be in regulatory limbo much longer as the passage of “SAFE Plus” is now more likely to occur during the lame duck period of Congress between November’s midterm elections and the swearing-in of the new one Congress will take place in January 2023.

The SAFE Banking Plus Act is an updated version of a bill that aims to harmonize federal, state, and state laws by protecting financial institutions that provide banking services to marijuana and related businesses.

RELATED: Is the SAFE Banking Act nearing passage? Senators agree that this problem is at play

“We think talk of a SAFE Plus (invoice) is something that should be taken seriously,” Zuanic told investors during a recent Zoom call. “It’s not just a jingle. It’s not a pipe dream. It’s something that lasts. There are high-level discussions in the Senate between co-sponsors of the SAFE Banking Act on the Republican side with Senate leadership.”

This article originally appeared on Benzinga and has been republished with permission.