Nevada-backed marijuana banking bill passes House; Senate leader calls for federal cannabis reformsPosted by On


Feds marijuana

Anna Moneymaker / The New York Times

Senate Majority Leader Chuck Schumer, D-N.Y., talks during a news conference Tuesday, April 20, 2021, in Washington. Schumer, in a speech Tuesday on the Senate floor, announced his support for ending the federal prohibition on marijuana and said he hoped legislation doing so would be signed into law by April 20, 2022.

Nevada’s recreational marijuana industry produced $692 million in cash sales during fiscal 2020, but dispensary owners — as has been the case since the state legalized recreational marijuana sales — couldn’t deposit their daily receipts in the safety of a bank.

That could be changing.

Marijuana is a prohibited substance under the federal Controlled Substances Act, meaning banks that provide services to cannabis businesses can be penalized under federal money laundering laws.

In a move supported by both the cannabis industry and the Nevada congressional delegation, the U.S. House of Representatives passed the Secure and Fair Enforcement (SAFE) Banking Act on a bipartisan 321-101 vote Monday. The legislation was passed through the House three times before, as standalone legislation in 2019 and as part of two COVID-19 relief packages, but stalled each previous time in the Republican-controlled Senate.

With Democrats now in control of the Senate and Joe Biden in the White House, there’s momentum that the legislation will finally become law.

Tuesday…

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Feds marijuana

Anna Moneymaker / The New York Times

Senate Majority Leader Chuck Schumer, D-N.Y., talks during a news conference Tuesday, April 20, 2021, in Washington. Schumer, in a speech Tuesday on the Senate floor, announced his support for ending the federal prohibition on marijuana and said he hoped legislation doing so would be signed into law by April 20, 2022.

Nevada’s recreational marijuana industry produced $692 million in cash sales during fiscal 2020, but dispensary owners — as has been the case since the state legalized recreational marijuana sales — couldn’t deposit their daily receipts in the safety of a bank.

That could be changing.

Marijuana is a prohibited substance under the federal Controlled Substances Act, meaning banks that provide services to cannabis businesses can be penalized under federal money laundering laws.

In a move supported by both the cannabis industry and the Nevada congressional delegation, the U.S. House of Representatives passed the Secure and Fair Enforcement (SAFE) Banking Act on a bipartisan 321-101 vote Monday. The legislation was passed through the House three times before, as standalone legislation in 2019 and as part of two COVID-19 relief packages, but stalled each previous time in the Republican-controlled Senate.

With Democrats now in control of the Senate and Joe Biden in the White House, there’s momentum that the legislation will finally become law.

Tuesday…



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