Advocates And Industry Groups React To Marijuana Banking Bill Refiling, As Key Senator Raises Early Concerns – Medical Marijuana Program Connection

A bipartisan marijuana banking bill that House and Senate lawmakers refiled this week is getting praise from many of the major marijuana industry stakeholders and financial institutions who’ve backed earlier versions of the reform. And key advocates— including critics of the measure’s limited equity provisions—are giving tepid support for revisions in the latest version, urging further work on the legislation as it advances.

That work could also mean making changes that assuage the concerns of Senate Banking Committee Chairman Sherrod Brown (D-OH), whose panel is expected to be the first to take up the bill. The senator said on Thursday that committee consideration is being delayed because banking industry representatives are trying to use the legislation to “weaken bank rules” and “undermine” regulations—though it’s not immediately clear what he meant by that.

Nothing says a bill is serious like having @JulieNBCNews ask your questions about a hearing date for #SAFEBanking. pic.twitter.com/al1bxtgUCw

— Don Murphy (@donmurphy12a) April 27, 2023

In any case, the Secure and Fair Enforcement (SAFE) Banking Act is considered one of the more passable pieces of cannabis legislation this session under a divided Congress with Republicans in control of the House. And while earlier versions faced scrutiny from certain equity-focused advocates, they’re encouraged by certain changes, indicating that the bill’s coalition of supporters could strengthen this…