Schumer Emphasizes ‘Moral Responsibility’ Of Adding Criminal Justice Provisions To Marijuana Banking Bill As Republicans Push For Floor Vote

Senate Majority Leader Chuck Schumer (D-NY) says he is continuing to “monitor” the progress of a bipartisan marijuana banking bill that he intends to amend to include “criminal justice provisions.” And key Senate Republicans say they’re prepared to move forward with the legislation, undeterred by the newly elected anti-marijuana House speaker.

In a constituent letter to cannabis industry investor Todd Harrison, the majority leader said he wants to fold in criminal justice revisions that he hopes to borrow from a separate federal legalization bill he’s sponsored—mentioning expungements as he’s done in the past but also citing in the letter additional measures such as resentencing for current federal cannabis prisoners.

In a constituent letter to cannabis industry investor Todd Harrison, the majority leader said he wants to fold criminal justice revisions from a separate legalization bill into the Secure and Fair Enforcement Regulation (SAFER) Banking Act, which was approved in committee in September and now awaits floor action. He mentioned expungements as he’s done in the past—but also cited in the letter additional measures such as resentencing for current federal cannabis prisoners.

Notably, he also described various components of the broader legalization bill he’s sponsored—the Cannabis Administration and Opportunity Act (CAOA)—and said he’s working with colleagues to “ensure” that its criminal justice provisions are attached to the banking legislation “when it reaches the floor.”

✅ #SAFEBanking 🇺🇸 🌿 pic.twitter.com/nH3vFPsCbj

— Todd Harrison (@todd_harrison) November 1, 2023

It’s unclear when that will happen, but Republican SAFER Banking sponsor Sen. Steve Daines (R-MT) told Politico that his caucus is “still moving forward” with the reform, despite uncertainties around how the new GOP House speaker will approach the issue given his past opposition to every cannabis measure he has had the opportunity to vote on.

“We’re working with our House colleagues who have the companion bill to get alignment between both of the chambers,” Daines said.

For her part, Sen. Cynthia Lummis (R-WY) said, “I really don’t think that it’s going to make any difference that the new speaker opposes it,” stating that it’s ultimately up to Schumer to schedule a floor vote on the bill.

Meanwhile, Schumer has repeatedly talked about amending the SAFER Banking Act to include provisions on incentivizing state-level expungements and protecting gun rights for cannabis consumers, but he seemed to cast a wider net in the letter, mentioning other CAOA provisions such as allowing “those currently serving time for federal non-violent marijuana crimes to petition a court for resentencing.”

“We have a moral responsibility in Congress to undo the terrible damage caused by the War on Drugs,” he said, “and I will continue working with my colleagues to pass commonsense cannabis legislation and ensure that criminal justice provisions like those included in CAOA are part of the SAFE Banking Act when it reaches the floor.”

“You will be happy to hear that I am in support of reforms taken in the SAFE Banking Act,” the letter says. “I also believe that any move toward legalization needs to address equity and criminal justice reform—which SAFE Banking alone does not.”

Marijuana Moment reached out to Schumer’s office for clarity on the scope of potential criminal justice provisions he’s considering with respect to the banking bill, including whether his new letter was meant to indicate he will be pushing for resentencing in addition to expungements, but a representative did not immediately provide comment.

Of course, the prospects of amending the SAFER Banking Act hinge on its floor consideration, and it’s unclear when that might happen. The bill has been largely paused amid disorder in the House, where the GOP majority spent three weeks selecting a new speaker after Rep. Kevin McCarthy (R) was ousted and ultimately replaced with Rep. Mike Johnson (R-LA).

Even before the speakership debacle, the GOP sponsor, Sen. Steve Daines (R-MT), had told an industry executive that his legislation was being held until lawmakers could ensure that there was enough support for passage in the House. The path became more complicated with Johnson’s ascent, as the speaker has voted against numerous marijuana bills, including prior versions of the incremental banking measure. That’s a contrast with McCarthy, who opposes legalization but did previously vote in favor of the SAFE Banking Act.

The bill’s Senate committee consideration had already been delayed over the summer amid partisan disagreement over a section of the legislation favored by Republicans, including Daines, that they say would prevent broader ideological discrimination against any industry such as the firearms trade by federal financial regulators.

While lawmakers negotiated a revised measure that retained and expanded Section 10, it’s still a key consideration as bipartisan talks continue. And Rep. Blaine Luetkemeyer (R-MO), a member of the House Financial Services Committee, which has jurisdiction over the SAFER Banking Act, has raised concerns about the language, indicating that more work is needed to reach a bicameral consensus on the issue.

Sen. Chuck Grassley (R-IA), meanwhile, sent a letter to Schumer in September to express concern about the Senate’s “ongoing prioritizing of legislation relaxing marijuana laws” over a separate measure the GOP senator favors to permanently prohibit fentanyl analogues.

Sen. Tom Cotton (R-AR) is also stirring the pot over the cannabis banking bill, with an inflated interpretation of Schumer’s September floor remarks about his plans to amend the legislation with “criminal justice provisions.” Cotton claimed the majority leader wants to add provisions “letting drug traffickers out of prison.”

Additionally, Sens. Pete Ricketts (R-NE), John Cornyn (R-TX), Ted Budd (R-NC) and James Lankford (R-OK) recently sent a letter to Senate leadership that argued the SAFER Banking Act would result in the cannabis industry producing higher potency products that would be harmful to youth and compromise “the integrity of the United States banking system.”

Meanwhile, just about one in 10 congressional staffers thinks the marijuana banking bill will be enacted this year, according to a recent survey—an outlook that deviates from supporters who’ve been encouraged by its bipartisan momentum.

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GOP Marijuana Banking Bill Sponsor Says Senate Floor Vote On Hold Until House Passage Assured, Cannabis Financing Exec Who Spoke To Him Says

The lead GOP Senate cosponsor of a bipartisan marijuana banking bill says a planned floor vote is on pause until he can ensure the legislation will later pass the Republican-controlled House, according to a cannabis financing executive who spoke with the senator this week.

While the House prospects of the Secure and Fair Enforcement Regulation (SAFER) Banking Act have long factored into Senate leadership’s thinking, Sen. Steve Daines (R-MT) apparently made it clear in his conversation with Pelorus Capital Group President Rob Sechrist on Tuesday that until he’s assured there’s a pathway to passage in the opposite chamber, the bill will not be taken up on the Senate floor.

That represents a notable rhetorical shift, as Senate Majority Leader Chuck Schumer (D-NY) has said repeatedly since the bill cleared the Senate Banking Committee last month that he intends to bring the legislation to the floor for a vote “as quickly as possible,” without explicit mention of that step being contingent on House dynamics.

Sechrist, paraphrasing, told Marijuana Moment on Thursday that Daines said to him at a National Republican Senatorial Committee (NRSC) event in California that he’s “going to slow this down until there’s a clear path through on the House side.”

Met with @SteveDaines and we spoke about #SAFEbanking. He said he wants to make sure the House can get it passed before he pushes it across the finish line in the Senate. He said it's meaningless unless the legislation is passed by both the Senate and the House. pic.twitter.com/QSY6uCG3xB

— Rob Sechrist (@m5_rob) October 11, 2023

Daines, who chairs the NRSC, said that “his goal is to make sure that this gets passed, and not just go and die in the House,” Sechrist said. “He was passionate about making sure that I understood that this is not about a political win and just getting it over to the House. He is adamant that he wants to make sure that this gets done this time all the way through.”

The private lending company executive said he expressed to Daines that some of his industry colleagues might be “disappointed” to hear that he’s delaying Senate action, but he described the senator as responding that a pessimistic view is “not the way to look at it—I want to make sure this gets all the way done.”

Marijuana Moment reached out to the offices of Daines, Schumer and the lead Democratic sponsor of the SAFER Banking Act Sen. Jeff Merkley (D-OR) for comment, but representatives did not respond by the time of publication.

While earlier versions of the cannabis banking bill have advanced through the House several times under Democratic majorities, its chances of advancing this session came into question after Republicans took control of the chamber. Significantly contributing to the current complications is the fact that the House is without a speaker after a historic vote last week to remove Rep. Kevin McCarthy (R-CA) from the position.

McCarthy was viewed as a potential ally on the incremental marijuana reform, as he previously voted in favor of the legislation even while he has not championed broader cannabis issues. Now, advocates and stakeholders are watching closely to see who eventually replaces him once the GOP conference reaches some kind of agreement after a week marked by internal splintering.

House Majority Leader Steve Scalise (R-LA) was the initial favorite within the party, but he’s since dropped out. Judiciary Committee Chairman Jim Jordan (R-OH) is still in the running, but it’s unclear if he will be able to secure enough votes if formally nominated as speaker. Both voted against dozens of cannabis reform measures over their tenures, including marijuana banking legislation. Jordan even opposed legislation to make it slightly easier to conduct scientific research on cannabis.

As of Friday, meanwhile, Rep. Austin Scott (R-GA) filed to run for the speakership. He voted in favor of marijuana banking reform last year, though he opposed the reform in 2019 and 2014. He supported a bipartisan bill to promote cannabis research—but he’s voted against other modest reforms such as protecting medical cannabis states from federal interference, and he voted against a comprehensive legalization bill.

Some insiders have tried to temper concerns about what it would mean to have a proactively anti-cannabis lawmaker helm the House, contending that they may personally oppose it but would not block the measure if it enjoyed significant bipartisan support as it’s had in the past. But one thing is certain: no legislation will advance in the House until a speaker is appointed. And with each passing day without a top leader, floor time for legislation dwindles, and there are more pressing priorities for Congress, including funding the government to avoid a shutdown and providing aid to Israel amid its war with Hamas.

That may likely contribute to Daines’s reported thinking on the issue and why he says Senate floor action on the SAFER Banking Act must wait for now.

Then there is the question of what type of bill the GOP House would be willing to move if it does get sent over. Schumer has already talked about plans to amend it such that it incorporates measures on expunging prior cannabis records and protecting gun rights for marijuana consumers. Others like Sen. Raphael Warnock (D-GA) have floated additional equity-centered amendments, and the Banking Committee’s refusal to adopt certain of his proposals led him to be the sole Democratic member to vote against the cannabis bill last month.

—Marijuana Moment is tracking more than 1,000 cannabis, psychedelics and drug policy bills in state legislatures and Congress this year. Patreon supporters pledging at least $25/month get access to our interactive maps, charts and hearing calendar so they don’t miss any developments.Learn more about our marijuana bill tracker and become a supporter on Patreon to get access.—

The bill’s committee consideration had already been delayed over the summer amid partisan disagreement over a section of the legislation favored by Republicans, including Daines, that they say would prevent broader ideological discrimination against any industry such as the firearms trade by federal financial regulators.

While lawmakers negotiated a revised measure that retained and expanded Section 10, it’s still a key consideration as bipartisan talks continue. And Rep. Blaine Luetkemeyer (R-MO), a member of the House Financial Services Committee, which has jurisdiction over the SAFER Banking Act, has raised concerns about the language, indicating that more work is needed to reach a bicameral consensus on the issue.

Sen. Chuck Grassley (R-IA), meanwhile, sent a letter to Schumer last month to express concern about the Senate’s “ongoing prioritizing of legislation relaxing marijuana laws” over a separate measure the GOP senator favors to permanently prohibit fentanyl analogues.

Sen. Tom Cotton (R-AR) is also stirring the pot over the cannabis banking bill, with an inflated interpretation of Schumer’s floor remarks last month about his plans to amend the legislation with “criminal justice provisions.”

While Schumer has so far only discussed amending the bill to include the expungements and gun rights provisions, Cotton claimed the majority leader wants to add provisions “letting drug traffickers out of prison.”

Additionally, Sens. Pete Ricketts (R-NE), John Cornyn (R-TX), Ted Budd (R-NC) and James Lankford (R-OK) recently sent a letter to Senate leadership that argued the SAFER Banking Act would result in the cannabis industry producing higher potency products that would be harmful to youth and compromise “the integrity of the United States banking system.”

Meanwhile, just about one in 10 congressional staffers thinks the marijuana banking bill will be enacted this year, according to a recent survey—an outlook that deviates from supporters who’ve been encouraged by its bipartisan momentum.

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Photo courtesy of Philip Steffan.

Schumer Pledges To Bring Committee-Passed Marijuana Banking Bill To Floor ‘Very Soon’ As GOP Senators Vow To Kill It

Lawmakers, advocates and stakeholders across the spectrum are reacting to Wednesday’s committee passage of a bipartisan marijuana banking bill—with Senate Majority Leader Chuck Schumer (D-NY) pledging to bring it to the floor “very soon” and a group of four GOP senators vowing to kill the legislation.

Just before the Senate Banking Committee approved the Secure and Fair Enforcement Regulation (SAFER) Banking Act, Schumer committed to bring the bill “to the floor for a vote as quickly as possible.”

“Our SAFER Banking Act will connect cannabis businesses, especially ones in minority and underserved communities, to find to traditional financial resources like bank accounts and small business loans, creating a safer and more transparent environment for the industry to grow,” he said. “Now is the time to get it done.”

On the eve of the vote, however, Sen. Pete Ricketts (R-NE) led a letter to leadership that argued the reform would result in the cannabis industry producing higher potency products that would be harmful to youth and compromise “the integrity of the United States banking system.”

The SAFER Banking Act would increase 💰for higher THC potency marijuana products. It’s NOT safe. Joined w/ @JohnCornyn, @SenTedBuddNC & @SenatorLankford to tell Senate leaders we'll oppose any package they try to sneak it into. https://t.co/yKX5yHfAaU

— Senator Pete Ricketts (@SenatorRicketts) September 26, 2023

The Republican lawmakers wrote that the bill, which now heads to the floor, “would do nothing to address the public safety threat inherently posed by the existence of marijuana dispensaries.”

“The SAFER Banking Act is sold as an easy banking fix. In reality, the legislation is fatally flawed and its consequences are complex and sweeping,” the senators wrote. “We will remain opposed to liberalizing drug laws and will fight the SAFER Banking Act to protect our youth from dangerous policies that would result in increased promotion of marijuana use.”

The letter—which was also signed by Sens. John Cornyn (R-TX), Ted Budd (R-NC) and James Lankford (R-OK)—further calls for Justice Department testimony on the legislation before it advances any further.

Sen. Tim Scott (R-SC), ranking member of the Banking Committee and a 2024 GOP presidential candidate, voted “no” by proxy while he was in California ahead of a primary debate on Wednesday.

A spokesperson for his office told Politico that the congressman is “concerned that allowing the banking of a federally illegal product while not doing enough to prevent the de-banking of legal industries like firearms manufacturers and energy producers sends the wrong message to the American people.”

A Democratic member of the Banking Committee, Sen. Raphael Warnock (D-GA) also stands opposed to the legislation as drafted, and he sharply protested its passage without amendments to address the harms of the drug war and ensure the legislation does not inadvertently exacerbate racial and financial disparities.

“This bill will make life safer for bankers for businesses and financial institutions, some of whom have been profiting from the cannabis industry illegally for years—which is ironic given many of the regular folks who illegally sold or used cannabis are sitting in jail cells right now,” the senator said.

“Let me be very clear: I’m not opposed to easing or undoing federal restrictions around cannabis. And I would support all of the provisions and reforms in this legislation if paired with broader cannabis reforms that substantively addressed the issue of restorative justice,” he said. “This bill does not do that.”

After two of Warnock’s proposed amendment were rejected by the panel, he defiantly challenged the ruling of a chairman on one of them that was deemed to be in violation of committee rules and then took the unusual step of voting against a standard procedural motion to allow staff to make technical and conforming amendments to the bill.

The senators’ opposition comes as 10 more Democratic senators joined the list of cosponsors on the revised SAFER Banking Act that was introduced last week, raising the total to 22—nearly one-fourth of the Senate. By and large, lawmakers across the aisle have applauded the bill’s passage, even if some are pushing for additional changes.

Sen. Jeff Merkley (D-OR), the lead Democratic sponsor of the bill, spoke at the committee after the vote on Wednesday, congratulating the chairman for his work “on a complicated topic that doesn’t seem like it should be so complicated.”

Today is the day! @SenateBanking is voting on the SAFER Banking Act—a huge step toward finally passing this bill and making sure all legal cannabis businesses can access the standard financial services they need to keep their employees, businesses, and communities safe.

— Senator Jeff Merkley (@SenJeffMerkley) September 27, 2023

He touted the measure’s various provisions and said he would like to see it amended on the floor to incorporate legislation to facilitate cannabis expungements and protect gun rights for marijuana consumers, as Senate Majority Leader Chuck Schumer (D-NY) has pledged to do.

Reps. Earl Blumenauer (D-OR) and Dave Joyce (R-OH), co-chairs of the Congressional Cannabis Caucus and lead sponsors of a previously filed House companion version, said in a joint statement on Wednesday that the “legislation will save lives and livelihoods.”

“The overwhelming majority of Americans live in a state where cannabis is legal in some form,” they said. “It is common sense and an urgent matter of public safety that these legitimate cannabis businesses have access to standard banking services. We applaud the Senate for holding today’s committee vote.”

The @SenateBanking Committee has passed our SAFER Banking Act—a huge step to help cannabis businesses operate more safely and efficiently.

I've long advocated to expunge records for cannabis offenses, and I’m working to include provisions like HOPE and GRAM.

Now is the time.

— Chuck Schumer (@SenSchumer) September 27, 2023

Sen. Ron Wyden (D-OR) said in a statement on Wednesday that the Senate is “finally on its way to making sure that small cannabis businesses can finally get access to banking services just like any other law-abiding businesses—no more wheelbarrows full of cash.”

“The Senate has got to get this important legislation across the finish line for the sake of public safety, for equity, and so that small businesses in my state—and now almost every state—get the chance to grow and compete,” he said.

The bill that cleared committee was slightly revised during the markup to make mostly technical changes, but lawmakers say they will continue to amend it, including as it concerns provisions related to broader banking regulations that Republicans hope to use to prevent discriminatory enforcement against industries like the firearms trade.

Sen. Cynthia Lummis (R-WY)—who along with SAFER Banking’s GOP lead sponsor Sen. Steve Daines (R-MT) introduced a bill last week to prevent federal marijuana rescheduling without congressional approval—told Punchbowl on Tuesday that the banking measure is “still under negotiation,” and she anticipates “the negotiations will continue” after the vote.

Sen. Kyrsten Sinema (I-AZ), who helped lead bipartisan negotiations on the revised bill as a member of the committee, said in a statement that the SAFER Banking Act “makes our communities safer and economically stronger—and it’s moving forward with bipartisan support.”

Great news, AZ – our bipartisan bill ensuring legal cannabis businesses have access to banking and insurance services is moving forward in the Senate. Looking forward to earning even more bipartisan support to pass our bill into law.https://t.co/XSuSSE65Ki

— Kyrsten Sinema (@SenatorSinema) September 27, 2023

Sen. Catherine Cortez Masto (D-NV), a Banking Committee member, said Wednesday’s vote is a “historic step forward that will help keep Nevadans safe and allow cannabis business owners who’ve created good-paying jobs across our state to access critical banking services.”

BREAKING: We just passed the SAFER Banking Act out of @SenateBanking.

Today’s vote is a historic step forward that will help keep Nevadans safe and allow cannabis business owners who've created good-paying jobs across our state to access critical banking services. pic.twitter.com/YEuua8h2qc

— Senator Cortez Masto (@SenCortezMasto) September 27, 2023

Meanwhile, the Drug Policy Alliance (DPA), Cannabis Regulators of Color Coalition (CRCC) and Parabola Center sent a letter to committee leaders on Wednesday, urging further revisions to ensure the bill is “equity-centered, justice-oriented and designed to promote fairness and designed with the intention of addressing past inequities and preventing future inequities.”

We joined @DrugPolicyOrg and @CRC_Coalition to continue to urge reforms to SAFE(r) so the most harmed communities aren't systematically denied access to financial services. We remain neutral on the bill and hope to see further improvements.

Our letter: https://t.co/ixERI6XXWL

— Parabola Center (@ParabolaCenter) September 27, 2023

“By acknowledging the progress we’ve made and clearly identifying issues that remain unaddressed, we hope to continue to work with Congress and other stakeholders to ensure equity remains the center of marijuana policy reform and thank the ongoing efforts of advocacy organizations and policymakers to ensure that marijuana banking reform is fair,” the groups wrote.

Here’s how other advocates, stakeholders and state officials are reacting to the committee vote:

NORML

“This bipartisan legislation represents an improved version of the SAFE Banking Act,” NORML Political Director Morgan Fox said. “It allows state-licensed cannabis businesses to more easily access financial services, such as opening a simple bank account, and it provides entrepreneurs with greater access to lending and other services that are available to other legal businesses.”

“Marijuana businesses’ lack of access to these necessary financial services creates serious threats to the safety of cannabis consumers and the employees that serve them, limits transparency and accountability for those operating in this legal industry, and severely hinders the ability of small businesses to effectively compete with the underground market and with larger well-funded companies,” he said.

Colorado Gov. Jared Polis (D)

“I am thrilled the Senate has finally taken up this important piece of legislation that will provide more certainty to our small businesses and marijuana industry, this is an important step and I thank the Senators who voted in favor of this bipartisan bill,” Polis said.

“This bill supports cannabis-related businesses, supports minority, women, and veteran-owned small businesses, will help create jobs, and strengthen public safety in our communities and across the country,” he said. “We look forward to seeing a full vote in the Senate and passage in the House again soon.”

National Cannabis Roundtable (NCR)

“Today’s action is not only historic but also is at a time where it could not be more urgently needed to help the regulated cannabis industry in 38 states be able to compete against the growing threat of an illicit market that greatly risks public safety and consumer safety,” NCR Executive Director Saphira Galoob said.

“We are heartened to see broad bipartisan support move this bill out of committee, and we look forward to momentum and support continuing to build as it moves to the Senate Floor and ultimately to the House, which has previously overwhelmingly passed the bill—at long last getting this critical measure signed into law this Congress,” she said.

U.S. Cannabis Council (USCC)

“Today’s vote by the Senate Banking Committee marks the first time that cannabis banking reform has been passed out of a Senate committee,” USCC SVP of Public Affairs David Culver said. “This marks a critical step toward securing banking access for the nation’s $30+ billion licensed cannabis industry, which supports over 400,000 full-time jobs across the country.”

Today’s vote by the Senate Banking Comm. marks the first time that cannabis banking reform has been passed out of a Senate committee. This marks a critical step toward securing banking access for the nation’s licensed cannabis industry, which supports 400k+ jobs across the US.

— US Cannabis Council (@USCannabisCncl) September 27, 2023

“The House has previously passed the SAFE Banking Act seven times, but the Senate has stopped short in the past. The primary obstacle was that SAFE had not advanced through regular order. With today’s vote, that obstacle is history,” he said. “The updated SAFER Banking Act is now in a strong position to be passed on the Senate floor, either as a stand-alone bill or part of a larger package. This is where our focus will remain.”

BOWL PAC

“With today’s committee passage of the SAFE Banking Act, and thanks to the leadership of Senators Schumer and Booker who have fought tenaciously to ensure that the HOPE Act will receive a vote as an amendment when bill gets to the floor, we have a real opportunity to thoughtfully advance both modest industry and criminal legal reforms in a meaningful way, setting the precedent that we all do better when we all do better,” BOWL PAC Founder Justin Strekal told Marijuana Moment.

(Disclosure: Strekal supports Marijuana Moment’s work through a monthly pledge on Patreon.)

National Cannabis Industry Association (NCIA)

“The committee’s approval of the SAFER Banking Act which gives hope to thousands of compliant, tax-paying businesses desperately trying to access the basic financial services other businesses take for granted,” NCIA CEO Aaron Smith said. “This uniquely bipartisan legislation has the potential to save lives and help small businesses; it’s time for Congress to get it to the president’s desk without further delay.”

Minority Cannabis Business Association

“This morning’s successful markup of the SAFE(R) Banking Act is a historic step towards final passage of a critical policy building block for the cannabis industry and we are thankful to the committee for including MCBA’s suggestions in the latest version of this bill,” Kaliko Castille, the group’s president, said. “After years of dedicated advocacy work, our efforts have culminated in the inclusion of Community Development Financial Institutions (CDFIs) in the SAFE Banking Act.”

“MCBA remains committed to ensuring the final version of the SAFE(R) Banking Act not only opens the doors for legal cannabis banking but also focuses on positively impacting those who have been disproportionately affected by cannabis prohibition,” Castille said. “We look forward to seeing HOPE added on the floor and seeing this bill eventually signed by President Biden so that we can move on to a comprehensive package that finally ends a decades long war on black and brown communities that is still actively locking people up for a plant.”

Credit Union National Association (CUNA)

“We thank the committee for moving forward on this important legislation to bring consistency and common-sense to the intersection of banking regulation and legal cannabis businesses,”  CUNA Deputy Chief Advocacy Officer for Federal Government Affairs Jason Stverak said. “This bill will allow credit unions to lawfully serve these businesses and addresses the serious public safety issue of forcing these businesses to deal in only cash.”

“We thank the committee for moving forward on this important legislation to bring consistency and common-sense to the intersection of banking regulation and legal cannabis businesses.” – CUNA Deputy Chief Advocacy Officer @JasonStverakhttps://t.co/RVJyT5w6uUpic.twitter.com/MWy55iXsMi

— CUNA (@CUNA) September 27, 2023

The statement is notable given that, ahead of the vote, a CUNA official told Politico that they were “very concerned” with “untenable” changes to the bill related to regulators’ authority to “dictate” financial services contacts for its members.

American Trade Association for Cannabis and Hemp (ATACH)

“We’re pleased SAFER has advanced out of committee with bipartisan support and will move to the Senate floor. The time is now for real change,” ATACH President Michael Bronstein said. “State-sanctioned cannabis programs deserve protections as do financial institutions providing financial services to them.”

“The current status quo is unfair, outdated, and unsafe as proven by numerous cannabis robberies motivated by businesses forced to operate in cash,” he said. “Yet today’s vote is monumental in securing the change that is needed and is the first time a cannabis bill has cleared a Senate committee and we applaud the Banking members for their work.”

American Bankers Association (ABA)

“This urgently needed, bipartisan legislation will resolve the ongoing conflict between state and federal law so that banks can serve state-authorized cannabis and cannabis-related businesses while enhancing public safety, tax collection and financial transparency,” ABA President Rob Nichols said. “The status quo is simply untenable for consumers, small businesses and banks operating in states where cannabis is legal. Based on today’s bipartisan vote, we urge the full Senate to promptly consider this bill.”

United Food and Commercial Workers International Union (UFCW)

“We applaud the Senate Banking Committee for taking this critical step toward creating a more secure financial future for cannabis workers,” UFCW International President Marc Perrone said. “Across the country, workers in this industry go to work and are forced to deal with large sums of cash, leaving them more vulnerable to theft and robberies.”

“The cannabis industry is a completely legitimate and lawful industry in many states and should not be excluded from basic financial protections,” he said. “The SAFER Banking Act addresses these issues, providing a pathway for legitimate cannabis businesses, and their employees, to have access to traditional banking services.”

“As America’s cannabis union, the UFCW has been involved with cannabis legislation across the country, testifying in front of the Senate just this past year in support of the SAFE Banking Act,” he continued. “We remain committed to fighting for a better life for cannabis workers everywhere and call on all of our nation’s elected officials to support and uplift our cannabis workers.”

Wine & Spirits Wholesalers of America

“The Senate committee’s passage of significant cannabis reform legislation is notable, but this bill fails to comprehensively address the issues prevalent in today’s poorly regulated cannabis marketplace,” Francis Creighton, the group’s president and CEO said. “The lack of federal regulation of cannabis is a threat to public health and safety. Congress should pass comprehensive legislation that creates a strong regulatory system, akin to the successful alcohol regulatory system. Anything short puts consumers and non consumers at greater risk.”

National Association of Federally-Insured Credit Unions (NAFCU)

“After today’s committee passage of the SAFER Banking Act, NAFCU thanks Senator Brown and members of the Senate Banking Committee for their leadership on this issue and willingness to make changes to address concerns raised by credit unions and other community financial institutions,” NAFCU Senior Vice President of Government Relations Greg Mesack said.

“This legislation is necessary to protect credit unions and the communities they serve in states where legal cannabis businesses are seeking financial services,” he said. “It will help reduce risks by providing some legal clarity and expanding access to deposit accounts and other financial products. NAFCU looks forward to continuing the conversation as the bill moves forward to a full body vote.”

Teamsters

“As Congress works to establish the necessary guardrails around cannabis legalization, the labor and safety interests of workers must be paramount,” Teamsters General President Sean O’Brien said in a letter to committee leaders last week that was promoted on Wednesday. “Passing SAFER banking is a necessary part of this process and can help improve working conditions while easing operational burdens for employers across the country.”

Washington State Treasurer

“Access to secure and reliable banking services is a necessity for small businesses and their employees in Washington state to effectively and safely operate,” the treasurer’s office posted. “Great to see that #SAFEBanking is making progress in the US Senate.”

Access to secure and reliable banking services is a necessity for small businesses and their employees in Washington state to effectively and safely operate. Great to see that #SAFEBanking is making progress in the US Senate. https://t.co/Ne1739TAad

— WA State Treasurer (@WaTreasurer) September 27, 2023

Smart Approaches to Marijuana (SAM)

The Senate Banking Committee “failed to do its job and protect Americans from these drugs,” SAM President Kevin Sabet said in a statement.

Following the Senate Banking Committee’s vote to advance the “Addiction Banking Act” to the full Senate, Smart Approaches to Marijuana Action (SAM Action) President Dr. @KevinSabet, a former three-time White House drug policy advisor, released the following statement: pic.twitter.com/cegHnaeXU5

— SAM (@learnaboutsam) September 27, 2023

“Now it’s up to the full Senate to show Americans who really runs Washington—the people, or the banking and addiction industry lobbyists,” he said.

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