Republicans soften on federal marijuana reform in a shift that could make it a reality
Cannabis reform is moving one step closer to reality at the federal level, with a committee hearing on a bipartisan bill to expand banking services for legal marijuana businesses expected to take place at the end of the month, according to multiple people directly involved in the process.
The Senate Banking, Housing, and Urban Affairs Committee is expected to hold a markup on the bill, known as the SAFE Banking Act, the week of Sept. 25, three sources familiar with the talks told NBC News. The markup process allows senators to debate and consider amendments for the legislation and is viewed as a key step in advancing the bill to the Senate floor.
Both Republicans and Democrats on the committee support the bill and expressed confidence that the bill would have enough support to pass the Senate when it comes up for a full vote, a step Majority Leader Chuck Schumer vowed to take as soon as this fall.
The SAFE Banking Act would make it lawful for legal marijuana businesses to access major financial and banking institutions. Under current law, banks and creditors could face federal prosecution if they provide services to legal businesses selling the drug, leaving business owners unable to utilize banks as the drug remains against the law on the federal level.
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