Schumer is giving the marijuana industry some hope

US Senators Cory Booker (DN.J.), Senate Majority Leader Chuck Schumer (DN.Y.) and Senator Ron Wyden (D-OR) are bringing renewed hope to the beleaguered cannabis industry

Here we go again: US Senator Cory Booker (DN.J.), member of the Senate Judiciary Committee, Senate Majority Leader Chuck Schumer (DN.Y.), and Senator Ron Wyden (D-OR), Chairman of the Senate Treasury Department Der Committee issued a joint statement in support of the SAFE Banking Act.

It is estimated that legalizing marijuana nationwide over the next decade would create at least $132 billion in tax revenues and create more than 1 million new jobs in the United States. That seems like a much better idea than minting a trillion dollar coin.

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The SAFE Banking Act passed the House of Representatives seven times but failed in the Senate. This has consistently given hope to the industry and an indication of where the concept of federal legalization stands.

The statement said, “We were encouraged that the SAFE Banking Act was reinstated last week after Senator Daines and Senator Merkley worked to make important improvements to the legislation.” Among those improvements is the expansion of the Safe Harbor to include Community Development Financial Institutions (CDFI) and Minority Depository Institutions (MDI) to ensure small and minority businesses have access to the capital they need to start and maintain successful cannabis businesses People with income from legal cannabis businesses have access to government-backed ones allow mortgages.

“We look forward to following the progress of this legislation through the Banking Committee and working with bipartisan partners to introduce additional improvements, such as the Harnessing by Pursuing Expungement (HOPE) Act, which would provide grants to states seeking to erase cannabis records .”

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Senator Patty Murray (D-WA) is a supporter of the bill and her website gives a clear idea of ​​what the bill will do and who the supporters are.

The SAFE Banking Act of 2023 would prevent federal banking regulators from:

• Prohibiting, penalizing, or discouraging a bank from providing financial services to a legitimate, state-sanctioned and regulated cannabis business or any related entity (e.g., an attorney or landlord providing services to a legal cannabis business);
• Termination or limitation of a bank’s federal deposit insurance primarily because the bank provides services to a state-licensed cannabis company or related entity;
• recommending or inducing a bank to cease or downgrade the provision of any banking services to such entities; or
• Taking action regarding a loan to an owner or operator of a cannabis business.

This legislation would also create a safe haven from criminal prosecution and liability and financial collapse for banks and their officers and employees that provide financial services to legitimate, state-sanctioned cannabis companies – while preserving the banks’ right to choose not to provide those services . The bill would also provide protections for hemp-related and hemp-derived cannabidiol (CBD)-related businesses. This legislation, for the first time, explicitly extends the Safe Harbor to Community Development Financial Institutions (CDFI) and Minority Depository Institutions (MDI) to ensure they can also serve cannabis businesses. CDFI and MDI serve underserved communities that are struggling to access capital and provide affordable access to financial services.

The SAFE Banking Act would require banks to comply with current Financial Crimes Enforcement Network (FinCEN) guidance, while allowing for a tightening of FinCEN guidance over time as states and the federal government conform to legalized medical and recreational guidance -Customize cannabis.

The current legislation is being led by US Senators Jacky Rosen (D-NV), Bill Cassidy (R-LA), Kirsten Gillibrand (D-NY), Cynthia Lummis (R-WY), Brian Schatz (D-HI) and Lisa co-carried Murkowski (R-AK), Edward J. Markey (D-MA), Kevin Cramer (R-ND), Ben Ray Lujan (D-NM), Dan Sullivan (R-AK), Catherine Cortez Masto (D-NV ) , Rand Paul (R-KY), Angus King (I-ME), Tammy Duckworth (D-IL), John Fetterman (D-PA), Ron Wyden (D-OR), Kyrsten Sinema (I-AZ), Alex Padilla (D-CA), Dick Durbin (D-IL), Peter Welch (D-VT), Mark Kelly (D-AZ), Michael Bennet (D-CO), Tina Smith (D-MN), Amy Klobuchar ( D-MN). MN), Elizabeth Warren (D-MA), Tim Kaine (D-VA), Debbie Stabenow (D-MI), Bernie Sanders (I-VT), Bob Menendez (D-NJ), Chris Coons (D-DE), John Tester (D-MT), Mark Warner (D-VA), Martin Heinrich (D-NM), John Hickenlooper (D-CO), Mazie Hirono (D-HI), Gary Peters (D-MI), and Chris Murphy (D-CT), and U.S. Representatives Warren Davidson (R-OH-08), Jim Himes (D-CT-04), Brian Mast (R -FL-21), Barbara Lee (D-CA-12), Guy Reschenthaler (R-PA-14), Nydia Velázquez (D-NY-07), Lori Chavez-DeRemer (R-OR-05) and Lou Correa (D-CA-46).

Some cannabis stocks rose double-digit percentages on the announcement. The non-partisan nature of the reintroduction of the SAFE Banking Act appeared to rekindle hopes of further industry relief.

After failing seven times, one wonders how Vegas rates the chances of a passing game.