It has not made it through the Senate, but pray that it does! This Bill will ease many problems in the marijuana industry, which now is an all cash business … with the problems that naturally flow from that. HOW LONG WILL IT TAKE FOR IDIOT LEGISLATORS TO DO WHAT IS INEVITABLE? LEGALIZE AND REGULATE POT!
Excerpts from the Article:
The House of Representatives passed a standalone marijuana reform bill for the first time in history on Wednesday. The chamber advanced the legislation—which would protect banks that service the cannabis industry from being penalized by federal regulators—in a vote of 321-103.
All but one Democrat voted in favor of the bill. Republicans were virtually split, with 91 voting for the legislation and 102 opposing it.
For six years, lawmakers have been pushing for the modest reform, which is seen as necessary to increase financial transparency and mitigate risks associated with operating on a largely cash-only basis—something many marijuana businesses must do because banks currently fear federal reprisal for taking them on as clients.
While the House has approved historic cannabis amendments in the past, including one this summer that would protect all state marijuana programs from federal intervention, those have had to be renewed annually. This is the first time a standalone reform bill was approved in the chamber, and the policy will be permanently codified into law if the Senate follows suit and the president signs it.
“If someone wants to oppose the legalization of marijuana, that’s their prerogative, but American voters have spoken and continue to speak and the fact is you can’t put the genie back in the bottle. Prohibition is over,” Perlmutter said on the floor. “Our bill is focused solely on taking cash off the streets and making our communities safe and only congress can take these steps to provide this certainty for businesses, employees and financial institutions across the country.”
Americans across the country are voting to approve some level of marijuana use & we need these marijuana businesses & employees to have access to checking accounts, lines of credit & more. #SAFEBanking will improve transparency & reduce the public safety risk in our communities.
Rep. Denny Heck (D-WA) made an impassioned case for the bill, sharing an anecdote about a security guard who worked for a cannabis shop who was killed on the job and emphasizing that the legislation would mitigate the risks of violent crime at these businesses. “You can be agnostic on the underlying policy of whether or not cannabis should be legal for either adult recreational use or to treat seizures, but you cannot be agnostic on the need to improve safety in this area,” he said.
“I have long fought for criminal justice reform and deeply understand the need to fully address the historical racial and social inequities related to the criminalization of marijuana,” Waters said in a press release on Tuesday. “I support legislation that deschedules marijuana federally, requires courts to expunge convictions for marijuana-related offenses, and provides assistance such as job training and reentry services for those who have been disproportionately affected by the war on drugs.”
“I am proud to bring this legislation to the Floor, but I believe it does not go far enough,” he said. “This must be a first step toward the decriminalization and de-scheduling of marijuana, which has led to the prosecution and incarceration of far too many of our fellow Americans for possession.”
“Today’s vote is a significant first step, but it must not be the last. Much more action will still need to be taken by lawmakers,” NORML Political Director Justin Strekal told Marijuana Moment. “In the Senate, we demand that lawmakers in the Senate Banking Committee hold true to their commitment to move expeditiously in support of similar federal reforms. And in the House, we anticipate additional efforts to move forward and pass comprehensive reform legislation like The MORE Act—which is sponsored by the Chairman of the House Judiciary Committee—in order to ultimately comport federal law with the new political and cultural realities surrounding marijuana.”
“This bipartisan legislation is vital to protecting public safety, fostering transparency, and leveling the playing field for small businesses in the growing number of states with successful cannabis programs,” he said.
The Whole Story: