Much-needed and highly anticipated banking reform has been excluded from a large-scale spending bill expected to be released on Monday, a Senate staffer confirmed to Marijuana Moment.
This represents yet another major setback for passage of the Secure and Fair Enforcement (SAFE) Banking Act. It was hoped that the bill would pass during the soon-to-end lame-duck session.
After the proposal failed to make it into the National Defense Authorization Act (NDAA) earlier in December, the hope was that appropriations would serve to protect banks that work with state-legal cannabis companies. The marijuana banking package included expungement grants and gun rights protections, reported Politico.
Despite Senator Chuck Schumer’s (D-NY) efforts to get cannabis banking reform in the omnibus and passed, negotiations failed to produce a package that includes the measure.
“The lack of SAFE Banking language leaves supporters with few legislative options—and very little time—to advance the reform during the final weeks of the lame duck,” said Marijuana Moment’s Kyle Jaeger. “It’s still theoretically possible that the bill, or the broader SAFE Plus package that Schumer has been working on, could be introduced as a standalone—but with only days left before lawmakers adjourn for the year that seems like a remote possibility at best.”
It’s back to the drawing board for advocates of safe banking for the cannabis industry.