Marijuana Banking Protections Excluded From Senate Coronavirus Relief Legislation

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Senate management revealed their most current round of coronavirus relief legislation on Monday– and unlike the variation approved by the House, it does not include provisions safeguarding banks that service the cannabis market from being punished by federal regulators.
Reform supporters are disappointed but not always shocked. After all, GOP senators lobbed apparently coordinated attacks at House Democrats after they included the Secure and Fair Enforcement (SAFE) Banking Act in their COVID-19 legislation in May.
Senate Majority Leader Mitch McConnell (R-KY) differed in specific with cannabis industry variety reporting requirements in the House banking language, leaving some level of hope he would at last indication off on changed marijuana banking language with the diversity provisions gotten rid of– but that didnt take place.
While Republicans have actually questioned the germaneness of the cannabis reform being included as part of a coronavirus relief costs, market supporters argue it would offer crucial funding and also mitigate the spread of the infection by permitting alternatives to cash transactions in the cannabis market.
” Unfortunately, Senate Republicans and their Leader Mitch McConnell continue to decline truth in nearly all of the legal transactions when it comes to marijuana,” Justin Strekal, political director of NORML, told Marijuana Moment. “At a time of a national credit crunch and coin shortage both providing them cover to include this minor but crucial policy change, their intransigence and desire to see lives ruined by prohibition holds.”
There was some hope that the Senate would put the bipartisan banking language in their version– at the minimum to secure a triumph for its sponsor, Sen. Cory Gardner (R-CO), who is trailing in his reelection race versus previous Colorado Gov. John Hickenlooper (D). Your home sponsor, Rep. Ed Perlmutter (D-CO), said in May that he felt there was a 50-50 chance the Senate would adopt it as part of their COVID-19 bill.
In the end, that did not emerge. It remains to be seen whether there will be another push to add the language in bicameral negotiations that need to occur merge the chambers differing versions into a single expense to send to the president. Meanwhile, the standalone SAFE Banking Act has actually continued to being in the Senate Banking Committee without action in the months given that your home initially authorized it.
” Since the HEROES Act passed your house in May, weve been hard at work (from home!) talking with House and Senate management, along with other essential Senate offices,” Michelle Rutter Friberg, deputy director of government relations for the National Cannabis Industry Association, informed Marijuana Moment. “Those discussions have actually been overwhelmingly favorable and we feel exceptionally hopeful that the discussion about SAFE Banking will continue to belong of the conversation as negotiations development.”
Steve Fox, tactical advisor at the Cannabis Trade Federation, informed Marijuana Moment that it is “very disappointing that Senate leaders are working so tough to block legislation with such strong bipartisan support. At a time when businesses are trying to lower money deals, forcing cannabis businesses to run mostly with money is illogical.”
” It is detrimental to public health and insensitive to the security needs of both clients and employees,” he stated. “We hope House leaders will press hard during negotiations to make sure the SAFE Banking Act is included in the last costs.”
Previously this month, a bipartisan union of state treasurers sent a letter to congressional leaders, asking that they include cannabis banking defenses in the next piece of coronavirus relief legislation.
In May, a bipartisan coalition of 34 state attorney generals of the United States similarly composed to Congress to urge the passage of COVD-19 legislation consisting of marijuana banking provisions.
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In the end, that did not emerge. It remains to be seen whether there will be another push to add the language in bicameral negotiations that need to take location combine the chambers varying variations into a single costs to send out to the president. The standalone SAFE Banking Act has continued to sit in the Senate Banking Committee without action in the months since the House at first authorized it.
“Those conversations have actually been extremely favorable and we feel extremely enthusiastic that the conversation about SAFE Banking will continue to be a part of the discussion as negotiations progress.”

The post Marijuana Banking Protections Excluded From Senate Coronavirus Relief Legislation appeared first on Marijuana Moment.This material was initially released here.