These top Democratic senators are joining Schumer’s new bill legalizing marijuana

Through Jelena Martinovic

Two other Senate Democrats expressed support for US Senate legislation that would decriminalize and decriminalize cannabis at the federal level.

The new co-sponsors of the Cannabis Administration and Opportunity Act (CAOA), unveiled Thursday, are Deputy Democratic Leader Patty Murray (D-WA) and Sen. Gary Peters (D-MI), according to Marijuana Moment. The two join the three main sponsors of the bill: Senate Majority Leader Chuck Schumer, Senate Finance Committee Chair Ron Wyden (D-OR) and Sen. Cory Booker (D-NJ).

US Senate Majority Leader Charles Schumer (D-NY) (C), along with Sen. Cory Booker (D-NJ) (L) and Sen. Ron Wyden (D-OR) / Photo by Kevin Dietsch/Getty Images

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“It’s about time the federal government caught up with Washington State when it came to cannabis laws,” Murray said in a press release. “This law is about justice, about strengthening our economy, and about bringing the federal government into the 21st century.”

The senator also emphasized that the measure would “undo deeply unfair and racially unjust laws that have disproportionately harmed people of color.”

Interestingly, the senator’s statement also touched on the bipartisan Secure and Fair Enforcement (SAFE) Banking Act, a bill that has been passed seven times by members of the House of Representatives but has failed to advance in the Senate.

“While the reforms we are pushing for are critical and long overdue, I remain fully committed to enacting SAFE Banking whenever possible – including as a standalone piece of legislation,” Murray said. “It makes absolutely no sense for legal cannabis companies to be forced to operate exclusively with cash, and my bill would put them in the formal banking system where they belong.”

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The bipartisan marijuana banking reform aims to protect financial institutions that seek to provide their services to federally legal marijuana businesses.

Rep. Ed Perlmutter (D-CO), the sponsor of the bill, recently filed an amendment to the National Defense Authorization Act (NDAA) for fiscal year 2023 that would include the marijuana banking reform bill.

Support for implementing the policy reform is broad, with the latest push coming from the American Bankers Association (ABA) and other financial organizations.

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