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Cannabis banking reform fails in Congress

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On Monday, the largest U.S. cannabis industry voice reluctantly conceded that Joe Biden's first two years in office would end without federal cannabis banking reform. The industry came to that conclusion after learning that a must-pass comprehensive spending package would not include the SAFE Banking Act. The bill is a bipartisan measure that prohibits federal regulators from penalizing financial institutions that provide accounts to state-legal marijuana companies. Many Capitol Hill lobbyists and marijuana industry supporters insist passage of SAFE is imminent, but without the assured support of at least 60 senators, the bill has never made it through the typical committee hearing process in the Senate. Senate Democrats and Schumer insisted that marijuana reform, especially SAFE, is a priority. Biden said his White House would be amenable to some marijuana reform.

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