Velazquez pushes for cannabis banking reforms in CongressPosted by On


The cannabis industry in New York and beyond is growing fast, but a major obstacle still remains: Marijuana is illegal at the federal level, restricting the ability of businesses to have bank accounts or to take out bank loans.

In Congress, a New York City Democrat is among those leading an effort to grant the cannabis industry access to banking. However, a key senator from New York wants to ensure broader criminal justice reforms are accomplished as well, putting in question the fate of the banking reforms.

Rep. Nydia Velazquez is one of several lawmakers spearheading the so-called SAFE Banking Act, which aims to shield banks from punitive action for providing services to legitimate cannabis businesses.

The proposal has previously passed the House with bipartisan support. Provisions of the bill were also recently included in the House’s version of a must-pass annual defense bill.

“It could open the door for the cannabis industry to flourish here in New York, whether it’s medicinal or otherwise,” the Democratic congresswoman said Wednesday.

But hurdles for the bill exist in the Senate; among them are New York Senator and Majority Leader Charles Schumer.

Schumer is advocating for larger cannabis reforms, including ending the federal prohibition. He recently introduced draft legislation that, among other things, focuses on reversing the impacts of the ‘War on Drugs’ through social equity programs.

Appearing on the podcast Psychoactive last month, he told host Ethan…

Original Author Link click here to read complete story..

The cannabis industry in New York and beyond is growing fast, but a major obstacle still remains: Marijuana is illegal at the federal level, restricting the ability of businesses to have bank accounts or to take out bank loans.

In Congress, a New York City Democrat is among those leading an effort to grant the cannabis industry access to banking. However, a key senator from New York wants to ensure broader criminal justice reforms are accomplished as well, putting in question the fate of the banking reforms.

Rep. Nydia Velazquez is one of several lawmakers spearheading the so-called SAFE Banking Act, which aims to shield banks from punitive action for providing services to legitimate cannabis businesses.

The proposal has previously passed the House with bipartisan support. Provisions of the bill were also recently included in the House’s version of a must-pass annual defense bill.

“It could open the door for the cannabis industry to flourish here in New York, whether it’s medicinal or otherwise,” the Democratic congresswoman said Wednesday.

But hurdles for the bill exist in the Senate; among them are New York Senator and Majority Leader Charles Schumer.

Schumer is advocating for larger cannabis reforms, including ending the federal prohibition. He recently introduced draft legislation that, among other things, focuses on reversing the impacts of the ‘War on Drugs’ through social equity programs.

Appearing on the podcast Psychoactive last month, he told host Ethan…



Source link

News

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.