Deep Dive: Congressman Says There’s ‘Tremendous Momentum’ To Pass Marijuana Banking In Bicameral Conference On Manufacturing Bill

Image: Marijuana Moment

Rep. Earl Blumenauer (D-OR) made waves when he expressed optimism about about the prospects of including marijuana banking reform within a larger manufacturing bill.

Here are the three points of emphasis from the story that could make a huge positive impact in the cannabis industry.

1: How the SAFE Banking Act Will Be Passed

Instead of a standalone bill focused on cannabis banking, Blumenauer is focusing on including the house-passed SAFE Banking Act is attached to the final conference report of the larger America COMPETES Act.

There seems to be some solid momentum behind this move, with a quarter of all senators sending a a bipartisan letter last week urging that cannabis banking be included in the final bill.

2: Washington State In Focus

The recent rash of armed robberies at cannabis retailers in Washington state has played an important role in increasing the urgency of passing cannabis banking reform.

From the article:

The third-highest-ranking Democratic member in the Senate, Sen. Patty Murray (D-WA), has taken special interest in marijuana banking reform, describing it as a priority of hers as an appointed member on the bicameral conference committee.

She said last week that she hopes “we can all come to an agreement to keep SAFE Banking in our final bill so that cannabis stores in states like mine do not have to operate entirely in cash.”

Top officials from Washington State have also sent a letter to congressional leaders emphasizing the need for marijuana banking reform as a public safety imperative, and have held a virtual roundtable to address the deadly robberies.

These actions have seemingly had an impact on legislators who are now acting with rare urgency.

3: Banks and States Continue to Push Limits

The lack of progress on federal legislation has pushed many states and businesses to act.

From the article:

For example, Pennsylvania House lawmakers filed a companion bill to a Senate-passed measure late last month that would provide banking protections and tax relief for marijuana businesses

Meanwhile, the number of banks that report working with marijuana businesses ticked up again near the end of 2021, according to recently released federal data.

It’s not clear if the increase is related to congressional moves to pass a bipartisan cannabis banking reform bill, but the figures from the Financial Crimes Enforcement Network (FinCEN) signal that financial institutions continue to feel more comfortable servicing businesses in state-legal markets.

These actions of states and businesses are putting upwards pressure on federal lawmakers to codify cannabis banking regulations.

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After dealing with a frightening, unrelenting string of armed robberies at cannabis retailers, cannabis businesses in Washington state may be at the forefront of actual federal banking support. Look out for the final conference report in the next couple of months, which will shed light on the potential of cannabis banking reform being passed.

Read More:

• Congressman Says There’s ‘Tremendous Momentum’ To Pass Marijuana Banking In Bicameral Conference On Manufacturing Bill [MARIJAUNA MOMENT]