Here’s the latest – put your hands up if you are surprised it hasn’t worked out.
House Democrats to enact marijuana banking reform as an amendment to a must-pass defense bill gained new momentum last week with a show of support from a bipartisan group of senators. But interviews with a number of Senate Democrats show a divided caucus, despite the potential to make progress on one of the party’s longtime policy priorities.
The Secure and Fair Enforcement, or SAFE, Banking Act would shield national banks from federal criminal prosecution when working with state-licensed marijuana businesses — a potentially significant achievement for the industry, which has struggled to obtain capital and has had to rely solely on cash transactions. The House of Representatives attached the bill to its version of the Fiscal Year 2022 National Defense Authorization Act, or NDAA, which passed in September, marking the fifth time the lower chamber has advanced cannabis banking reform in two years. Lawmakers often attach popular, non-defense provisions to the NDAA to quickly get them across the finish line.