The Senate is poised to take up legislation to boost the nation’s booming cannabis industry, with its backers feeling bullish and selling it as a bill that is more about banking than marijuana.
Their confidence follows action in the House on Wednesday, where Democrats and Republicans joined forces to pass an historic bill that would give legalized marijuana businesses access to banking services. Senate Republicans are expected to act as lawmakers face the inescapable reality of the 33 states and counting that have legalized marijuana in some form. The strongest indicator has come from the chairman of the Senate Banking Committee Mike Crapo (R-Idaho), who after months of weighing the issue said he wants to advance the legislation.
“It’s a problem that keeps coming up,” Sen. Marco Rubio (R-Fla.) said. “I think you can be against marijuana and still understand that if it’s going to be a legalized product, we need to be able to control it through our banking system.”