In a recent interview with Yahoo News, Senate Majority Leader Chuck Schumer (D-NY) discussed the pressing need for Republicans to come together and support the SAFER Banking Act. The bill aims to address the banking restrictions faced by legal cannabis businesses at the federal level.
With an overwhelming majority of US citizens in favor of cannabis reform, it is time for Congress to take action and end the outdated prohibition on marijuana. However, this can only be achieved with bipartisan support, making it crucial for more Republicans to join in on this effort.
In the past decade, there has been a significant shift in public opinion regarding cannabis legalization. This was highlighted by the recent vote in Ohio to legalize adult-use cannabis, making it the 24th state to do so.
The trend of states legalizing marijuana follows the overwhelming support from US citizens, with a Gallup poll reporting that 7 in 10 Americans favor legalization. This growing support shows that it is not just a niche issue, but a mainstream movement towards normalizing cannabis use.
The SAFER Banking Act stands for The Secure and Fair Enforcement Regulation Banking Act. Its purpose is to address the banking restrictions faced by legal cannabis businesses at the federal level. This bill will allow these businesses to access banking services that are currently unavailable due to the federal prohibition on marijuana.
In addition, it aims to create a safer and more regulated market for cannabis, which is currently forced into a cash-only system due to the lack of banking options. Schumer believes that passing this legislation will not only benefit the cannabis industry but also create a safer environment for consumers and small business owners. It passed the Senate Banking Committee back in September.
Need for Republican Support For SAFER Banking Act
Senate Majority Leader Chuck Schumer has made it clear that the passage of the SAFE Banking Act depends on garnering enough Republican support. In order to accomplish this, the Senate is currently working to assemble a bipartisan coalition. Schumer has stated that they need at least 10-11 Republican votes in order to continue progress and pass the bill and is urging viewers to contact their representatives to show their support for the reform.
In the interview Schumer believes that some legislators are not caught up with the times, saying, “I mean 15 years ago before marijuana was legalized anywhere people said oh there’ll be a lot more crime oh there’ll be much more addiction, and this and that, and guess what? None of that happened. ” and “They’re worried their constituents, particularly the older ones are back in that world and so they’re reluctant to go forward but we are making progress.”
Broader Legalization Goals
In the interview, Schumer highlighted the widespread acceptance of cannabis legalization among the public. However, he also acknowledged that Congress has failed to address this issue due to reluctance from some legislators. This is why passing the SAFER Banking Act is crucial, as it could serve as a stepping stone toward broader legalization goals.
The bill not only aims to reform banking restrictions but also includes provisions to support small minority businesses and rectify the harms caused by the war on drugs. In the interview, Schumer says that the initiative “tries to rectify some of these injustices.”
Al Harrington, a former NBA player and now the founder of the cannabis company Viola Brands, also weighed in on the importance of passing the SAFER Banking Act in the interview with Schumer. As a black business owner himself, Harrington emphasized that this legislation presents an opportunity for small minority-owned businesses to compete with larger companies that already have access to capital.
Harrington also noted the potential for economic growth and job creation in communities that have been disproportionately affected by the war on drugs. He stated, “This will give us a true opportunity, this industry needs cash … especially when you talk about Black-owned businesses and small minority-owned businesses that are trying to compete with some of these bigger companies that have multiple millions, and even billions of dollars, invested. It’s very difficult if you don’t have access to the capital.”
“We’ve seen this industry grow so much, and we see that it’s a very prosperous business. But right now, there’s a lot of people that are dying because of some of these barriers that are in place. So we need change now,” Harrington said.
Overall, it is clear that garnering Republican support for the SAFE Banking Act is crucial in order to continue progress and ultimately pass this legislation. Senate Majority Leader Chuck Schumer has made it a priority to assemble a bipartisan coalition and urges viewers to contact their representatives to show support for the reform.
As evidence of the widespread acceptance of cannabis legalization among Americans, polls have shown that 7 out of 10 Americans favor legalization. It is time for Congress to evolve and listen to the voices of their constituents, as well as address the social and economic injustices caused by the war on drugs.
Passing the SAFER Banking Act not only has significant implications for the cannabis industry but also presents an opportunity for small minority-owned businesses to compete in a growing market.
It is time for Congress to take action and support this legislation, which will ultimately benefit the country as a whole. Let’s work towards creating a safer and more regulated industry for cannabis and rectify the damages caused by outdated policies.
Keep updated on all the latest news and updates in the Cannabis industry here at Beard Bros Pharms by signing up for our Friday Sesh Newsletter here. Always Dank and Never Spam!
