GOP-Led Marijuana Banking Bill Could Be Passed Before October

David Carillet /
David Carillet /

An initiative from Sen. Steve Daines (R-MT) to legalize marijuana banking is picking up steam, with reports coming out that the bill will be finished and signed off by October. Titled the Secure and Fair Enforcement (SAFE) Banking Act, the act would help marijuana companies, employees, and investors to have protections for banking offers that cash does not. While anonymous officials aren’t so confident, Daines and Senate Banking Committee Chairman Sherrod Brown (D-OH) both plan to get this to a vote before their session ends on October 6th.

The duo and Senate Majority Leader Chuck Schumer (D-NY) have individually commented about the progress being made, and they believe the American people are long overdue for this type of change. As it stands, only Idaho, Kansas, and Nebraska have left marijuana and its various forms completely illegal. The other 47 states at least have medical provisions for CBD consumption or better. As a result, we are way overdue for real regulations.

Sen. Kevin Cramer (R-ND) has been trying to get this commonsense decision-making extended to other areas as well. He referred to “Operation Choke Point” and the illogical impact on firearms that resulted from that. He sees the commonsense behind SAFE and believes that it can be applied to more traditionally conservative ideals.

Sen. Cory Booker (D-NJ) spoke with The Hill about SAFE banking, and he sees how the shift is coming on. With the “robust conversations are going on that makes me very hopeful that we can get SAFE done [and] we can get some equity issues…My pillars: opening up the banking industry, creating more equity opportunities for women and minorities to have access to that banking industry, and trying to get some social criminal justice things done.”

Not to be outdone, Sen. Mark Warner (D-VA) pointed out the biggest problem we face as a nation with this. Over half the states in the US have legalized marijuana growing, possession, and use by adults. It makes no scientific sense for the federal government. Just like COVID, we need to follow the science, and the science is clearly saying that keeping it on Schedule 1 is a horrific decision for the country.

Republicans will need to step up and look at SAFE for what it is. While it’s not a perfect answer, it’s a step in the right decision. The proper answer would be to simply reclassify alcohol with alcohol. Despite it still having medicinal use unlike booze, it would make the most sense for the US as a whole. Given how robust the cannabis growth is in this nation, we are leaving billions in the hands of the cartel and the black market by making it more difficult to run a legal marijuana business.

Opening more shops, securing financing, and opening banking to the marijuana industry would be the first step in making that a reality. They will need the money to fund expansion, research and development, and marketing in a way the US has never before seen.

Given the fact that some companies are being traded on the US Stock Exchange, it would seem they are more than ready for this change. Especially since the federal taxes being taken from the employees of these companies are not offset by the potential tax breaks, they could be eligible for, its time is long overdue.

For years now, liberals have been claiming they are playing the game fairly, and doing what is in the nation’s best interest. Now through Sen. Daines, we can show them what right looks like. An act like this is what bipartisan support and right looks like. As conservatives, we are always on the lookout for the best for our country. A change from profiting off prisons for a plant when we can profit from taxes and fees is a much easier and controllable enterprise. With liberal DAs across the country throwing out cannabis cases anyway, we should strike where we can make the biggest impact.