Marijuana banking bill dropped from year-end spending measure, back to industry drawing board

Of Maureen Meihan

Much-needed and much-anticipated banking reform has been barred from a major spending bill expected to be released on Monday, a Senate staffer confirmed to Marijuana Moment.

This represents another major setback for the passage of the Secure and Fair Enforcement (SAFE) Banking Act. It was hoped that the bill would be passed during the soon-to-be-concluded Lame Duck session.

Photo by Nikolay Ponomarenko/Getty Images

After the proposal failed to make it into the National Defense Authorization Act (NDAA) in early December, there was hope that the funds would go to protect banks that work with federally legal cannabis companies. The marijuana banking package included extinction grants and gun protection, Politico reported.

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Despite Senator Chuck Schumer’s (D-NY) efforts to get cannabis banking reform on the omnibus and pass it, negotiations failed to produce a package that includes the measure.

“The lack of SAFE banking language leaves proponents few legislative options — and very little time — to press ahead with reform in the lame duck’s final weeks,” said Marijuana Moment’s Kyle Jaeger.

NORML was responding to what it called the Democratic leadership’s consistent failure to prioritize and advance marijuana-reform legislation.

RELATED: NAACP calls for ‘immediate passage’ of SAFE banking legislation

“The failure of the Democrats and the GOP’s continued resistance to any progress is inconsistent with voter opinion, is bad politics and, most importantly, bad public policy,” said NORML Executive Director Erik Altieri. “Until Congress takes action, state-licensed marijuana businesses, the hundreds of thousands of people they employ, and the millions of Americans who patronize them, will continue to face greater risk of robbery due to the cash-intensive nature of this industry created by outdated federal laws. Additionally, smaller entrepreneurs looking to enter this industry will continue to struggle to compete against larger, better capitalized companies.”

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