(The Center Square) – The U.S. Senate Banking, Housing and Urban Affairs Committee on Wednesday handed a measure to permit banks and credit unions to serve cannabis businesses and their staff in states the place the drug is prison.
The “Secure And Fair Enforcement Regulation Act,” or SAFER Banking Act of 2023, handed with a bipartisan vote of 14-9.
“The SAFER Banking Act will ensure that small businesses in the cannabis industry can access banking and other financial services, and keep their workers safe,” Sen. Sherrod Brown, D-Ohio and chair of the committee, stated in a observation. “I look forward to passing this legislation with a bipartisan majority and bringing it to the Senate floor.”
An previous model of the invoice didn’t get a vote however handed a number of occasions within the House of Representatives. State leaders praised the motion.
“I am thrilled the Senate has finally taken up this important piece of legislation that will provide more certainty to our small businesses and marijuana industry,” Democratic Gov. Jared Polis said in a statement. “… this is an important step and I thank the Senators who voted in favor of this bipartisan bill. This bill supports cannabis-related businesses, supports minority, women and veteran-owned small businesses, will help create jobs, and strengthen public safety in our communities and across the country.”
Senate Majority Leader Chuck Schumer, D-New York, described the passage as “a huge step to help cannabis businesses operate more safely and efficiently,” in a social media post.
As of April, 38 states, 3 territories and the District of Columbia permit the medial use of cannabis merchandise, consistent with a report through the National Conference of State Legislatures. As of June, 23 states, two territories and the District of Columbia enacted measures to control cannabis for grownup non-medical use.
“The committee’s approval of the SAFER Banking Act … gives hope to thousands of compliant, tax-paying businesses desperately trying to access the basic financial services other businesses take for granted,” Aaron Smith, leader government officer of the National Cannabis Industry Association, stated in a observation. “This uniquely bipartisan legislation has the potential to save lives and help small businesses; it’s time for Congress to get it to the president’s desk without further delay.”
Smith’s group mentioned 76 Senators – together with 28 Republicans – constitute a state regulating the sale of cannabis for clinical or leisure use.
Last October, President Joe Biden requested the Department of Justice and the Department of Health and Human Services to assessment the clinical and prison classifications of marijuana. Last month, the clinical assessment resulted in a beneficial alternate for cannabis to be moved from Class I, with heroin and LSD, to Class III, with steroids and different managed ingredients. The Drug Enforcement Agency will make the overall ruling.
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