The Secure and Fair Enforcement Regulation (SAFER) Banking Act has emerged as a focal point of bipartisan engagement. This legislation aims to provide cannabis businesses with access to traditional banking services, addressing a critical industry challenge. Despite some Republican support, including co-sponsorship from Senator Steve Daines of Montana, the bill’s progression has been impeded by opposition from key GOP figures. Notably, outgoing Senate GOP leader Mitch McConnell has been instrumental in obstructing its passage.
The nomination of Matt Gaetz as Attorney General by President Donald Trump introduced further complexity. Gaetz, known for his pro-cannabis stance, was viewed favorably by industry stakeholders. However, his confirmation faced substantial resistance within the Senate, reflecting broader Republican hesitancy toward cannabis reform.
Despite growing public support for legalization and advocacy from various sectors, including civil rights groups and major corporations like Amazon, legislative efforts such as the Marijuana Opportunity Reinvestment and Expungement (MORE) Act have struggled to gain traction. The MORE Act seeks to decriminalize marijuana at the federal level and address related social justice issues.
The Department of Health and Human Services’ recommendation to reschedule cannabis from Schedule I to Schedule III under the Controlled Substances Act represents a potential shift in federal policy. However, this administrative action requires concurrence from the Drug Enforcement Administration and does not substitute for comprehensive legislative reform.
As the Senate continues to grapple with these issues, the future of cannabis legislation remains uncertain, with partisan divisions posing significant obstacles to reform efforts.
Dabbin-Dad Newsroom
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