Marijuana banking reform dead in Congress, industry stakeholders concede

(This is a developing story and will be updated.)

The nation’s biggest marijuana industry voices begrudgingly acknowledged on Monday what Capitol Hill insiders believed for weeks was inevitable: Joe Biden’s first two years in office will end without federal marijuana  banking reform.

The industry reached that conclusion after learning a must-pass omnibus spending package would not include the SAFE Banking Act – the bipartisan-supported measure banning federal regulators from punishing financial institutions that provide accounts to state-legal marijuana firms.

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A well-placed source and stakeholders confirmed to MJBizDaily late Monday the omission of the SAFE legislation, which passed the House of Representatives seven times, most recently in July.

The development was first reported by Marijuana Moment.

Many Capitol Hill lobbyists and cannabis-industry boosters insisted the passage of SAFE was imminent, but without guaranteed support from at least 60 senators – the threshold to overcome Senate rules – the

The post Marijuana banking reform dead in Congress, industry stakeholders concede appeared first on GrowCola.com.

(This is a developing story and will be updated.) The nation’s biggest marijuana industry voices begrudgingly acknowledged on Monday what… Continue reading
The post Marijuana banking reform dead in Congress, industry stakeholders concede appeared first on GrowCola.com. 

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