Did Matt Gaetz take a knife to the cannabis industry?

People are consuming more marijuana than ever before, but the industry is still experiencing significant growing pains. As the industry expands, bad actors are weeded out, but New York and California have really botched the legal system. The marijuana industry is primarily comprised of small businesses such as dispensaries, artisan product manufacturers, farmers, and more. The main problems that prevent them from reaching profitability include banking and taxes. After a three-year downturn (despite rising sales), the cannabis industry saw a bright spot in the SAFER Banking Act… but then the U.S. House of Representatives found itself in one of the worst messes in its history. So has Matt Gaetz (R-FL) taken a knife to the cannabis industry?

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The Biden administration has been extremely slow to implement its campaign promise of increased federal legalization and easier doing business. The House of Representatives passed SAFE Banking seven times on a bipartisan basis, but all failed in the Senate. This year, the Senate co-authored the SAFER Banking bill with lead sponsors Senators Chuck Schumer (D-NY) and Patty Murray (D-WA) and managed to get it out of committee.

With some bipartisan support, including Sen. Tommy Tuberville (R-AL), the bill looked like it would pass the Senate and head to the House before heading to the White House in hopes of getting Biden’s signature. The industry kept its fingers crossed with hope and cannabis stocks rose slightly.

Then Rep. Matt Gaetz ousted Rep. Kevin McCarthy (R-CA) as speaker and closed Congress. Over the past two weeks, GOP officials have been embroiled in a whirlwind of ground battles that shows little hope of abating any time soon. After two defeats, Rep. Jim Jordan (R-OH) announced he is pushing for a third-floor speaker election. Until a speaker is elected, House bills remain stalled.

Sen. David Daines (R-MT) says the Senate will hold off on making a decision until there is a feeling the House can pass a bill. But when the year comes to an end, everything starts again and the beleaguered cannabis industry has to wait for months.

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One problem associated with the lack of a SAFER Banking law is that it becomes more difficult for regular employees of companies to obtain auto, home and other traditional loans. Without SAFER Banking, this is viewed as negative and will have a negative impact on a regular employee maintaining a stable job. Even if it’s a well-paying job, banks tend to judge with a “no” lens.

So in a way, Matt Gaetz is also hurting the worker and small business owner.