Senate Cannabis Legalization News | June 2023
Senate Banking Committee to Vote on Marijuana Banking Bill in Two to Three Weeks
The Senate Banking Committee is expected to vote on a bipartisan marijuana banking bill in the next two to three weeks. The bill, known as the Secure and Fair Enforcement (SAFE) Banking Act, would protect banks and credit unions from being penalized by federal regulators for working with state-licensed cannabis businesses.
#Federal #Cannabis #Legalization News June 2023
Cannabis legalization is a hot topic across the world. In recent news, Mexico and Canada have both passed legislation that will legalize recreational use of cannabis. The move marks the first time in history that two of North America’s largest countries have taken such action to regulate the drug’s use.
Other countries and regions are taking notice and considering their own measures for legalizing marijuana. In Europe, Switzerland recently declared its intention to allow limited sale of cannabis in pharmacies starting in 2021. Meanwhile, South Africa is looking set to become the second African country (after Lesotho) to legalize medical marijuana.
These moves come after decades of criminalization and social stigma surrounding the drug – both as a recreational substance and medicine. With these new laws, advocates believe more research can be conducted into potential medical uses for cannabis, which could lead to further breakthroughs in treatment and therapy.
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The bill has been passed by the House of Representatives seven times, but it has never been taken up by the Senate. However, there is growing momentum for the bill this year, with both Democrats and Republicans in support.
Senate Majority Leader Chuck Schumer has said that he plans to attach criminal justice reform provisions to the bill, such as expungements for prior marijuana convictions. He has called it a “moral responsibility” for Congress to repair the harms of the drug war.
It is unclear if the Senate Banking Committee will make any changes to the bill before it votes on it. However, one Democratic senator, Jack Reed, has raised concerns about Section 10 of the bill, which could inadvertently limit the ability of regulators to take action against people exploiting banking services.
The vote on the SAFE Banking Act is a major step forward for the cannabis industry. It would allow businesses to operate more safely and efficiently, and it would help to reduce the black market for cannabis.
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