Big Push to Reform Cannabis Banking Regs Renewed Ahead of Midterms
Members of the cannabis industry are intensifying their push to get a banking reform bill passed ahead of the November midterm elections. Industry members are fearful that a potential GOP takeover in Congress would present a major hurdle in getting cannabis banking reform approved and signed by President Biden after the midterm elections. Recently, over 20 cannabis business leaders collectively lobbied federal lawmakers to pass the SAFE Banking Act , a bill that would allow banks to work with cannabis companies. The business leaders believe the Senate’s current makeup presents a greater chance of getting the Safe Banking Act approved. After the November midterms, Democrats could lose their majority in the House, making the chances of such a bill reaching the Senate less likely. “There is certainly momentum building around trying to get something done this year in the Senate. On both the Republican and Democratic side we’re seeing consensus for SAFE Banking as being the piece of legi...