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Puff Puff Politics

State of Play in Cannabis Banking Reform

What’s Happening:

 

What’s Next:
  • The SAFE Act will is expected to be on the House floor within the next several weeks.
  • Chair of the Senate Banking Committee, Sen. Mike Crapo (R-ID) has declined to commit to bringing a Senate companion bill to the SAFE Act up in committee.
  • Though the House is set to move the bill to a floor vote, keep an eye out for Senator Crapo’s appetite for bringing it’s companion bill for a vote in the senate.
  • As the SAFE Act goes to the House floor, be on the lookout for Senator Schumer’s comments. As of now, Senator Schumer has not commented on his position on the SAFE Act.

 

Why It Matters:
  • Cannabis reform is coming - there is no question about it - the question is how and when. If Senator Schumer believes the only way forward is a comprehensive overhaul, then many of the House’s efforts regarding banking reform may fail as House Democrats would need Senator Schumer’s support to move forward with banking reform.

 

Be Smart:
  • Cannabis reform is poised to be a 2020 issue with great political gain - and depending on how each party plays  the politics - it has the potential to play into the favor of one party over there other - wielding strong influence over political state of affairs in 2020.
  • 23 states allow citizen-initiated ballot initiatives, meaning in most states,  the only way to reform marijuana laws is via the state legislature (long process as VT is the only state to have successfully reformed cannabis laws through the legislature) or waiting for federal reform.
  • If some level of cannabis reform does not happen at the federal level prior to the 2020 election, expect to see a high democratic voter turnout in states with cannabis initiatives are on the ballot. President Trump and republican leadership, if they are smart, will look to take the wind out of the democrats sails, by passing some form of cannabis reform at the federal level, prior to the election.