Is federal legalization SAFE?

3 mins read

While it may have felt like the US House was practically celebrating 4/20 while voting for the SAFE Banking Act, Senate Majority Leader Chuck Schumer — who is currently hammering out federal legalization legislation — was less enthused about the cannabis banking legislation in an interview with Marijuana Moment.

Schumer isn’t convinced

When asked whether or not he was in support of the SAFE Banking Act, which would enable banks to work with licensed cannabis companies in legal states, Schumer said it could work in opposition to one the main goals of his legalization legislation: to carve out equitable opportunities in the sector. Instead, he said he’s planning to include banking in his legislation.



“We will hope to include things that deal with banking and finance,” he said, “although we certainly think that we ought to make sure that the communities that have been most affected by these draconian laws get the benefits here, and we want to make sure that there are reinvestment initiatives and it doesn’t all go to the big shots, that smaller businesses and minority businesses get a chance to be involved once marijuana is legalized.” 

Frankly, neither are we!

Schumer talks a big game — and Biden press secretary Jen Psaki even reportedly said the president supports federal decriminalization and rescheduling cannabis while allowing states to develop their own adult-use legislation — but with everything else going on, we’re not holding our breath… even if he says now is the time.

“…65 percent of the American people support legalization of marijuana,” he told Marijuana Moment. “I was utterly amazed and pleasantly surprised when a conservative state like South Dakota had it as a referendum and it passed so overwhelmingly. Its time has come.”

Also, note that Business of Cannabis has an event focused on all things cannabis in South Dakota along with the Cannabis Industry Association of South Dakota on May 19th. Register today: South Dakota Cannabis.

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