So what are the odds that cannabis banking reform will go along with the Defense Spending Act?

President Biden could finally pass the cannabis banking law with the mandatory defense budget of 2022.

The United States House of Representatives approved cannabis banking reform, which was incorporated into the massive Defense Spending Act. That hearing took place on Thursday last week.

There are many doubts as this is the fifth time the House has sat on this measure and approved it. This latest breakthrough could be pushed back by politicians who either oppose federal cannabis reforms or support federal reforms but are not in favor of doing so through the defense budget.

The banking reform

The fact that banks in the US cannot offer conventional banking services to cannabis companies is not hidden. For years, banks doing business with cannabis companies have been normalized by state regulators. This is all due to the federal cannabis ban and its designation as a List 1 drug.

Cannabis companies had to use credit and banking services from international banks or other unconventional financial firms to keep their business running smoothly.

The cannabis banking reform reform was approved two days before the Defense Law was passed. The approval, which came after a vote, means that traditional banks in the country will soon be free to do business and offer their services to cannabis companies without fear of penalties from federal regulators.

The House Rules Committee recommended reform of the cannabis banking reform for consideration after MP Ed Perlmutter made a change. The bill isn’t the only drug policy proposal attached to the National Defense Authorization Act (NDAA), but it could play a very important role in opening the ground for concrete cannabis reforms.

Previous attempt to pass the cannabis banking amendment

In April of that year, the US House of Representatives approved cannabis banking reform – the SAFE Act – with a landslide victory of 321 to 101 votes. Since this was decided, the Senate refused to take up the bill when forwarding it to the Chamber.

In order for the Senate to take up the measure, the House decided to include it in the defense budget for the financial year 2022.

Resistance from key senators

Perlmutter remains optimistic that the bill will be passed this time. He commented that the fifth time might be the attraction. He said using the measure of the National Defense Authorization Act to submit banking reform to the Senate might serve the purpose.

MPs still have to work hard to get Senate approval for the bill. In order for the bill to remain part of the defense measure, the MPs must seek the favor of several senators. Perlmutter told an online publication, Marijuana Moment, that he believes the bill can address the challenges that may arise during the House and Senate conference.

Key Senators like Senator Cory Booker and Senate Majority Leader Chuck Schumer have shown their displeasure with smuggling cannabis bank reform measures through the Defense Act. These senators insist that the first cannabis reform bill to be passed by the federal government needed to be comprehensive and focus on legalizing marijuana. They also believe that the bill must be geared towards justice in order to have greater impact in the country.

The Safe and Fair Enforcement Banking Reform Bill (SAFE) could undermine the established structure for broader cannabis reforms if passed first.

Sen Schumer and Sen Booker have been ardent supporters of cannabis reform in the Senate for several years. Your reluctance to incorporate the banking reform bill into the NDAA bill may encourage other senators to remove it.

Schumer’s spokesman reportedly announced that the majority leader is not opposed to passing the banking reform law at the same time as the main cannabis reform law.

Senator Booker also told Politico in no uncertain terms that cannabis banking should have no place in the country’s defense budget. Booker and Schumer are working tirelessly to prepare a final draft of the Cannabis Organization’s bill. Senate Finance Committee chairman Ron Wyden is also working with these two to ensure the final bill is prepared on time.

Booker agreed with Schumer’s spokesman, adding that using the defense budget as a vehicle to deliver the cannabis banking reform law to the president’s desk will undermine the majority’s efforts towards comprehensive cannabis reform policy. It will also be more difficult to obtain justice-focused cannabis reform bills that can be used to erase, erase, or reduce the offender’s files.

Overview of the SAFE Banking Act

The amended SAFE reform measure, if passed, will improve the security of the country’s financial system. It will also help federal regulators keep illegal drug cartels out of the financial structure.

The bill would allow cannabis companies in legalized states with cannabis retail stores to pay taxes to the federal government with a check. It would also help these companies secure essential loans and use certain debit cards to keep their businesses running smoothly.

MEP Perlmutter has emphasized the security advantages of the amended reform several times. He says the SAFE Reform Act will provide an appropriate foundation for the state cannabis industry, thereby reducing the risk of violent crime in American communities.

Bottom line

The House is taking advantage of an old Congressional trick which is to put a different measure in a bill.

The likelihood of the state taking over seems higher due to the poor control the Democrats gained in the last general election.

The passage of the defense budget, including cannabis banking reform, will allow state-legal cannabis companies to gain access to conventional financial services. These troubled businesses will have access to checking accounts, lines of credit, and pay slips.

Steven Hawkins, CEO of the US Cannabis Council, has called on lawmakers to pass the cannabis banking measure, which says that cash transactions by these companies are anachronistic and pose a threat to the safety of the masses.

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