Legislation that would legitimize finances for the medical cannabis industry will not be heard in a lame-duck session. Senate leadership would not include the Secure and Fair Enforcement (SAFE) Banking Act (HR 1996) in a defense budget bill passed last week. The measure also failed to make its way into a continuing resolution ensuring the federal government stays funded into the new year.
That means the measure, which was passed in the House last April, is likely dead for the 117th Congress. Medical cannabis leaders in Florida say that’s a missed opportunity for a growing industry.
“We are deeply disappointed in leadership on both sides of the aisle and the lack of action on SAFE Banking over the past two years,” said Kim Rivers, CEO of Trulieve.
“Despite significant bipartisan support within Congress and increasing popularity among constituents, cannabis reform to allow basic banking services for state-legal cannabis companies has once again failed to advance. As a result, the 425,000 employees working in the legal cannabis industry will continue to face the undue risk of robberies and economic harm. Trulieve will continue to fight for meaningful cannabis reform to provide greater security for our employees and increased access to cannabis.”
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