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Below is a complimentary note from our Cannabis analysts Howard Penney and Naman Daga. Click to get information on our Sector Pro Product Consumables Pro (which includes Cannabis research). |
Image: Flickr.com with permission. Credit to Gage Skidmore
Nearly everyone from conservative Republicans to progressive Democrats voiced support for cannabis banking legislation this week.
Yet, Politico is reporting that they spoke with many Senators on the Hill Wednesday who expressed support for the House's inclusion of a cannabis banking amendment in the NDAA.
Still, opposition from a handful of crucial democrat lawmakers may upend the amendment. Sen. Cory Booker (D-N.J.) told Politico's Natalie Fertig unequivocally that he opposes moving the banking bill before comprehensive cannabis reform passes.
In addition, a spokesperson for Majority Leader Chuck Schumer (D-N.Y.) said his position had not changed since last April when he told POLITICO that banking should not move before comprehensive reform. "I will oppose," Booker said Wednesday.
"I'll do everything I can to stop it." Cory Booker, who once supported the SAFE Banking Act, now believes that cannabis businesses should not be allowed to rake in more dollars selling cannabis.
In contrast, others still sit in jail for the same activity.
At the same time, advocates for the industry and state social equity programs say that access to banking is essential in the near term for those who have received licenses through various social equity programs and who often have a much harder time accessing venture capital than their white counterparts.
So we are left with the two most vocal politicians supportive of cannabis reform will now kill the first real opportunity for cannabis reform in over 50 years.
