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Republicans soften on federal marijuana reform in a shift that could make it a reality

A bill that would let legal marijuana businesses get access to major financial and banking institutions is likely to have the votes to pass the Senate.

Sept. 14, 2023, 7:35 PM EDT
By Julie Tsirkin and Liz Brown-Kaiser
WASHINGTON — Cannabis reform is moving one step closer to reality at the federal level, with a committee hearing on a bipartisan bill to expand banking services for legal marijuana businesses expected at the end of the month, according to multiple people directly involved in the process.

The Senate Banking, Housing, and Urban Affairs Committee is expected to hold a markup session for the bill, known as the SAFE Banking Act, the week of Sept. 25, three sources familiar with the talks said. The markup process, which allows senators to debate and consider amendments, is viewed as a key step in advancing the bill to the Senate floor.

Both Republicans and Democrats on the committee support the bill and expressed confidence that it would have enough support to pass the Senate when it comes up for a full vote, a step Majority Leader Chuck Schumer, D-N.Y., vowed to take as soon as this fall.

“We’ve got enough votes to get it passed,” Sen. Steve Daines, R-Mont., said, adding in an interview that he is "cautiously optimistic we may have something before the end of the month.”

The SAFE Banking Act would make it lawful for legal marijuana businesses to use major financial and banking institutions. Under current law, banks and creditors could face federal prosecution if they provide services to legal businesses selling the drug, leaving business owners unable to use banks as the drug remains against federal law.