Senate Banking Committee Schedules Vote on Bipartisan Cannabis Banking Bill

The Senate Banking Committee’s recent decision to set a date for a vote on the bipartisan cannabis banking bill signals a resolution of disagreements among select Democrats and Republicans.

According to Marijuana Moment, the committee plans to hold a markup of the Secure and Fair Enforcement (SAFE) Banking Act on Wednesday, September 27. This development follows earlier reports of a planned markup at the end of September, with the exact date now confirmed.

The SAFE Banking Act aims to protect financial institutions working with state-licensed cannabis businesses from federal penalties. While some have proposed additional changes, including expanding financial services access and Small Business Administration services for cannabis companies, the bill’s fate in the Senate hinges on ongoing negotiations and political dynamics.

The bill’s provisions, including broad banking regulations and Small Business Administration (SBA) access for the cannabis industry, have been subjects of negotiation and potential amendments. Senators have been working to secure enough support for the legislation, with 42 cosponsors, including both Republicans and independents.

Senate Majority Leader Chuck Schumer has highlighted the importance of incorporating criminal justice provisions such as expungements for prior cannabis convictions into the legislation. Some industry groups and advocates have urged swift action on the bill.

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