President Joe Biden’s recent executive action pardoning all prior federal cannabis possession convictions garnered most of the headlines, but he also announced that he’d issued a directive to review marijuana classification as a Schedule I drug. Legally speaking, this designation puts cannabis on the same footing as cocaine and heroin; that is, dangerous substances with
The governor of Pennsylvania signed a bill into law that contains provisions to shield banks and cannabis insurers from state interference for working with licensed medical cannabis businesses. The new legislation is the same as a standalone bill that had previously cleared the Senate before receiving approval in a key House committee. However, the measure’s
With marijuana banking reform still at an impasse on Capitol Hill, bipartisan House lawmakers introduced a new bill to expand access to financial services for cannabusinesses. Reps. Guy Reschenthaler (R-PA) and Troy Carter (D-LA) filed the Capital Lending and Investment for Marijuana Businesses (CLIMB) Act on June 23. Like the SAFE Banking Act, it would
A nationwide community bank association has added its voice to the chorus of calls imploring Senate leadership to act on marijuana banking reform. The Independent Community Bankers of America (ICBA) that represents around 50,000 community banks across the US sent a letter urging the Senate to include provisions in a manufacturing bill that would safeguard
Washington State officials stressed the urgent need for federal marijuana banking reform following a series of dispensary robberies that have left three people dead. The killings occurred across four days at three separate cannabis retailers in the state, and has led advocates and lawmakers to demand the Senate act on a bill – the Secure
In a now familiar move, the US House of Representatives voted for legislation containing provisions that would shield financial institutions servicing state-legal marijuana businesses from federal interference. The House-approved America COMPETES Act of 2022, which includes provisions of the Secure and Fair Enforcement (SAFE) Banking Act, means the marijuana banking reform measure has now cleared
A bicameral conference committee removed provisions from a defense spending bill that would have afforded protections to financial institutions that service state-legal marijuana businesses. The House included the Secure and Fair Enforcement (SAFE) Banking Act as an amendment in its version of the National Defense Authorization Act (NDAA), which it passed in September. This marked
A bipartisan group of senators sent a letter urging Senate leadership to retain provisions in a national defense spending bill which would shield banks that provide services to state-legal cannabis businesses from federal interference. The bill – the National Defense Authorization Act (NDAA) – was passed by the House in September and included provisions from
Senate Majority Leader Chuck Schumer said he and the two other senators behind a bill to federally legalize cannabis have an “agreement” in place not to advance marijuana banking legislation until they’ve passed their more substantive reform proposal. Schumer, alongside Senate Finance Committee Chairman Ron Wyden (D-OR) and Sen. Cory Booker (D-NJ), is one of
