Marijuana Banking Reform Act chopped off from Congressional Defense Act in bicameral talks

By Maureen Meehan

The latest version of the Congressional Defense Act omitted a number of provisions contained in the House-approved National Defense Authorization Act (NDAA), including the highly anticipated marijuana banking reform known as the Secure and Fair Enforcement (SAFE) Banking Act is.

Although the House of Representatives passed a version of the NDAA in September that included language to protect banks and financial institutions that work with state-licensed cannabis companies, that part of the deal was dropped in Tuesday’s bicameral ruling.

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The response from proponents of cannabis was quick.

“We are disappointed that cannabis reform was part of a number of key provisions in the House-approved National Defense Authorization Act (NDAA) that were not included in the latest version of the bill,” said Steven Hawkins, CEO of the US Cannabis Council, in an email to Benzinga.

“We see the consequences of not having bank access every day, from the rushed robberies in pharmacies to the ongoing challenges minority and small business owners face in raising capital. The SAFE Banking Act would provide much-needed relief to cannabis companies of all sizes and kick the sails of broader efforts to end the federal cannabis ban. “

the SAFE Banking Act, would essentially protect the banks working with the cannabis industry from federal law enforcement is seen as an important threshold for the industry. The hope was that attaching the bank bill to the already approved NDAA would give her a good boost across the finish line. Not to mention the SAFE banking law has steady bipartisan support.

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Although this development is seen as a setback, a further revision of the newly negotiated legislation is still possible.

Marijuana Moment reported that the House Rules Committee is expected to take up the measure on Tuesday and that Rep. Ed Perlmutter (D-CO), main sponsor of the SAFE Banking Act, will table an amendment to include its cannabis regulations in the bill.

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RELATED: Marijuana Banking Reform: Millions Seek Banking Services Through Defense Law

“The Senate insists on burying its head in the sand and denying any opportunity to reform our outdated cannabis laws to align state and federal laws to improve public safety.” Ashley Vervillesaid a spokeswoman for Mother of Pearl. “As a result, Rep. Perlmutter plans to submit an amendment to the NDAA to the regulatory committee that would reintroduce the SAFE Banking Act into the bill.”

Cannabis banking isn’t alone

The new defense law also dropped an NDAA amendment that would have eased the application process for cannabis researchers and an offer to federally legalize medical cannabis for U.S. military veterans.

When asked last, whether cannabis companies’ access to US banks would facilitate tax collection for the IRS, Treasury Secretary Janet Yellen replied, “Yes, of course.”

This article originally appeared on Benzinga and was republished with permission.