Senate Majority Leader Chuck Schumer (D-N.Y.) said that a bill that would allow legal cannabis companies to do business with U.S. banks.will make it to the Senate floor, though with social justice reforms and criminal expungement language attached.
Schumer made the comments Saturday at a cannabis rally in New York City, Marijuana Moment reported.
“We will put the bill on the floor — god willing we get the votes in committee— and we will add to it expungement of the records of all of those who suffered from the over criminalization of marijuana,” he told the crowd, the marijuana news website reported. “We need to do social justice and attach it to the SAFE Act and pass it together.”
Last year, Schumer introduced the Cannabis Administration and Opportunity Act, which would legalize marijuana on the federal level and expunge federal marijuana convictions. It ultimately went nowhere.
Schumer comments could potentially jeopardize the SAFE Banking Act passing as many legislators are on board with marijuana banking, but not more significant marijuana reforms dealing with legalization and criminal justice.
Sen. Sherrod Brown (D-Ohio), chairman of the Senate Banking Committee, recently said a hearing on the SAFE Banking Act will happen May 11. A hearing is scheduled that day titled “Examining Cannabis Banking Challenges of Small Businesses and Workers.”
Multi-state operators: Cresco Labs (OTCQX:CRLBF); Columbia Care (OTCQX:CCHWF); Trulieve Cannabis (OTCQX:TCNNF); Green Thumb Industries (OTCQX:GTBIF); Curaleaf Holdings (OTCPK:CURLF); MedMen Enterprises (OTCQB:MMNFF); Acreage Holdings (OTCQX:ACRHF); Ayr Wellness (OTCQX:AYRWF); Verano Holdings (OTCQX:VRNOF); and Jushi Holdings (OTCQX:JUSHF).
Cannabis ETFs: AdvisorShares Pure Cannabis ETF (YOLO), Amplify Seymour Cannabis ETF (CNBS), ETFMG Alternative Harvest ETF (NYSEARCA:MJ), AdvisorShares Pure US Cannabis ETF (MSOS), and Global X Cannabis ETF (POTX).
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