Senate to attach pro-marijuana legislation to year-end bills

WHAT YOU NEED TO KNOW:

• A significant marijuana legislation could be attached to “must-pass” year-end bills in the Senate.
• The bipartisan legislation combines two bills that will allow cannabis businesses to access banking institutions and launch a grant to help expunge convictions.
• The legislation does not provide federal legalization of marijuana.

The U.S. Senate is planning to attach marijuana legislation to “must-pass” year-end bills.

Senate Majority Leader Chuck Schumer (D-N.Y.) is leading the bipartisan group. They already obtained the Justice Department’s blessing for legislation that allows cannabis companies to access banking institutions and the creation of grants to help states expunge past marijuana convictions.

Earlier this year, the Justice Department sent the Senate a memo on concerns about the bill, but they later sent an email agreeing to implement the revised legislation.

The bipartisan legislation combines two bills, the Secure and Fair Enforcement (SAFE) Banking Act and the Harnessing Opportunities by Pursuing Expungement (HOPE) Act. The SAFE Banking Act allows cannabis businesses in states where it is legal to obtain loans and open bank accounts. This act has passed the House six times before. The HOPE act will launch a DOJ grant to help states and local governments expunge convictions.

The legislation was recently revised so that it does not hinder law enforcement from prosecuting other crimes involving other drugs or money laundering. It also does not provide federal legalization of marijuana.

Under federal law, cannabis is still listed as a Schedule 1 drug alongside LSD and heroin. But cannabis has been legalized for non-medical use in at least 20 states and the District of Columbia.

Most voters support cannabis reform, but Congress still disagrees on whether to prioritize banking or comprehensive reform.

Schumer and Sen. Jeff Merkley worked with Republican Sens. Steve Daines, Rand Paul, and Dan Sullivan, among others. The bipartisan group plans to attach this legislation to a must-pass year-end bill such as the annual National Defense Authorization Act.

Earlier this year, Senate Democrats passed a more sweeping cannabis bill that decriminalizes it on the federal level and allows states to set their own laws on marijuana. That bill is still stalled.

Shortly before the midterms, President Joe Biden pardoned all prior federal offenses of simple marijuana possession. More recently, this week, the president signed a landmark bill on medical marijuana research.

Source: Axios