{"id":4727,"date":"2022-07-06T04:20:34","date_gmt":"2022-07-06T11:20:34","guid":{"rendered":"https:\/\/www.dispensaries.com\/blog\/?p=4727"},"modified":"2022-07-06T07:39:41","modified_gmt":"2022-07-06T14:39:41","slug":"federal-cannabis-legalization-looks-unlikely-democrats-hope-for-deal-on-banking","status":"publish","type":"post","link":"https:\/\/www.dispensaries.com\/blog\/federal-cannabis-legalization-looks-unlikely-democrats-hope-for-deal-on-banking\/","title":{"rendered":"Federal Cannabis Legalization Looks Unlikely, Democrats Hope For Deal On Banking"},"content":{"rendered":"

It appears the chances of federal cannabis legalization have moved from slim to none in recent weeks. Democrats, facing the reality of losing control of the U.S. Senate and possibly even the House of Representatives in November, are hoping to still put together a deal on cannabis banking, much as they tried to do in 2021<\/a>.<\/p>\n

According to Politico, which interviewed dozens of lawmakers, there\u2019s little hope<\/a> that decriminalization will happen in 2022, even though many leading Democrats – including Senate Majority Leader Chuck Schumer – have voiced support for it.\u00a0 Instead, Democrats hope to get their Republican colleagues to agree on new regulations that will open the door for banks to provide financial services to cannabis companies.<\/p>\n

It\u2019s been an ongoing issue since legal sales first began almost a decade ago.\u00a0It\u2019s considered key to helping better establish the cannabis industry and combat the illegal drug trade<\/a>.<\/p>\n

Time Is Not on the Democrats\u2019 Side<\/strong><\/h2>\n

While elections can always offer surprises, most observers believe the Republicans will regain control of the U.S. Senate in the November elections. Some even believe they will regain control of the House. Democrats have the advantage in both chambers right now, with the slimmest of advantages in the Senate.<\/p>\n

With only a few months left before the election, Democrats have shifted to promoting the Safe Banking Act, which would allow national banks to provide services for cannabis businesses. With marijuana still illegal at the federal level, banks typically do not provide these services. It\u2019s left cannabis businesses having to deal primarily in cash<\/a>, which is both inconvenient and a security risk.<\/p>\n

Democrats hope to attach provisions to the Act that would include social equity and criminal justice provisions to the bill if it moves forward.\u00a0\u201cThere\u2019s a greater sense of urgency,\u201d Rep. Earl Blumenauer, an Oregon Democrat and supporter of the cannabis industry, told Politico. \u201cI think there\u2019s a broader base of support.\u201d<\/p>\n

There\u2019s Potential Problems For Cannabis Legislation<\/strong><\/h3>\n

While many efforts\u00a0 on marijuana have been bipartisan, Politico notes that support is not particularly strong in the GOP. Also, it\u2019s unclear whether Republicans would support any additional measures beyond those involving cannabis banking, such as the social equity and criminal justice measures Democrats want to include.<\/p>\n

The American Banking Association already has asked for Congress to provide \u201cgreater legal clarity\u201d to banks operating in legal cannabis states. \u201cThe rift between federal and state law has left banks trapped between their mission to serve the financial needs of their local communities and the threat of federal enforcement action,\u201d the association said<\/a> in a news release.<\/p>\n

Other attempts at making a change have sputtered out. At one point, lawmakers intended to make cannabis banking reform part of a Chinese competition package, but that is no longer<\/a> the plan.<\/p>\n","protected":false},"excerpt":{"rendered":"

It looks like legalization and decriminalization won\u2019t happen in 2022, but Democrats are still hoping for banking reform<\/p>\n","protected":false},"author":8,"featured_media":4728,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[18],"tags":[1292,681,1291],"yoast_head":"\nFederal Cannabis Legalization Unlikely, Dems Hope For Deal On Banking<\/title>\n<meta name=\"description\" content=\"It looks like legalization and decriminalization won\u2019t happen in 2022, but Democrats are still hoping for banking reform\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dispensaries.com\/blog\/federal-cannabis-legalization-looks-unlikely-democrats-hope-for-deal-on-banking\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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