US: Cannabis industry goes all-in on banking push before midterms

The cannabis industry is pushing lawmakers to get a cannabis reform bill to President Biden’s desk before the November midterms, fearing that a Republican takeover of Congress could doom its chances.

In an in-person lobbying blitz last week, more than 20 chief executives of top cannabis companies urged lawmakers in both parties to pass the SAFE Banking Act, a bill to allow them to work with U.S. banks that the industry is confident will win enough GOP support to pass the Senate.

“There is certainly momentum building around trying to get something done this year in the Senate. On both the Republican and Democratic side we’re seeing consensus for SAFE Banking as being the piece of legislation that could pass,” Curaleaf CEO Joe Bayern said in an interview.

“We’re trying to be practical about how we get something passed this year,” he added. “We think the industry needs something to happen this year.”

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