How About Slipping The SAFE Act Into The Defense Spending Bill ?

The House likes the idea, we’re not sure if cannabis plants could speak they’d be in favor of sitting next to legislation that’s designed to create chaos and destruction.. oops we’re sorry we meant defense!


Bloomberg reports on what can only be described as political pragmatism.

If anything, it appears the politicization of the cannabis plant has only increased exponentially as homo sapiens seeks to integrate it into our increasingly complicated and crazy economic system.

We could, of course, say let’s all just grow a couple of plants at home and be done with it but then, here at CLR we’d also be doing ourselves out of a job!

The U.S. House of Representatives will vote this week on a bill that would let banks do business with cannabis companies without fear of penalty. 

The so-called SAFE Banking Act, which is the least disputed reform sought by the growing industry, got picked up as part of broader legislation, and its inclusion in the National Defense Authorization Act was approved by voice vote late Tuesday. It remains to be seen whether the bill will pass the Senate, but the House action gives it a better shot. 

The act would be a boon for marijuana companies, which have so far been stymied by the need to deal in cash because of federal restrictions. That has meant they have extra security costs and logistical problems, even as marijuana increasingly becomes legal. Some three dozen states now allow medical or recreational use, according to New Frontier Data, a cannabis research firm. 

Representative Ed Perlmutter, a Colorado Democrat, who had re-introduced the bill, has said that allowing cannabis businesses to access the banking system would bring more money into the economy and offer the opportunity to create good-paying jobs. The American cannabis industry had $20.3 billion in legal sales in 2020, according New Frontier Data.

The initiative, which has been passed by the House before with bipartisan support but never advanced to the Senate, is still a far cry from the wish list of legal reforms sought by the industry, which include all-out legalization and relief from tax burdens.

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