skip to Main Content
Marijuana reform: Sen. Cory Booker clarifies stance on key banking bill

After introducing new draft legislation last week to end the federal prohibition of marijuana alongside Senate Majority Leader Chuck Schumer (D., N.Y.) and Sen. Ron Wyden (D., Oreg.), Sen. Cory Booker made it a point to emphasize that any marijuana legislation that didn’t also correct America’s failed “war on drugs” wouldn’t be going far enough.

At the press conference unveiling the progressive bill, known as the Cannabis Administration and Opportunity Act, which seeks to expunge the records of non-violent cannabis offenders, Booker noted he’d do everything he could to stop other marijuana reform bills that lack social reforms but offer ways for “corporations to make a lot more money off of this.” Cannabis stocks sold off as investors interpreted that as a slight at the more moderate SAFE Banking Act, which would open access to traditional financial services for cannabis companies that have had to largely operate as cash-only businesses.

In a new interview with Yahoo Finance Wednesday, Booker clarified his stance a bit to affirm his support for the bipartisan SAFE Banking Act, conceding it could be a sweetener to get moderates on board with more progressive reforms.

“Don’t get me wrong, I support the SAFE Banking Act. I think it’s a phenomenal bill,” he said. “For me, a good bipartisan bill like the banking bill is a necessary sweetener to get people to move along on the equitable justice elements that are really critical.” [Read More @ Yahoo News]

This Post Has 2 Comments
  1. I am interested in understanding the SAFE Banking Act and how it aligns with the Cannabis and Opportunity Act. In addition, in the State of Georgia.

    1. Artie,

      Both proposed bills are Federal in scope, as is the case with any state that has a regulated cannabis program, Georgia will apply its own regulatory guidelines.

      Ian Stewart’s recent article on the Cannabis and Opportunity Act is superb, https://www.cannabisbusinessexecutive.com/2021/07/u-s-senates-cannabis-administration-and-opportunity-act-clarifies-how-federal-government-may-regulate-marijuana-but-leaves-unanswered-questions/ as is his piece covering Secure and Fair Enforcement (SAFE) Banking Act: https://www.cannabisbusinessexecutive.com/2021/07/u-s-senates-cannabis-administration-and-opportunity-act-clarifies-how-federal-government-may-regulate-marijuana-but-leaves-unanswered-questions/. Hope these help! Editor

Leave a Reply

Your email address will not be published.

Recent Stories

State considers social equity licenses for people impacted by ‘war on drugs’ to get cannabis shop licenses

SEATTLE – The Washington State Liquor Cannabis Board is considering a point system that would give people convicted of a drug-related crime and did prison time – preferential treatment when applying for retail cannabis license. If adopted, the City of Seattle will adopt the same rules and set aside $1 million dollars in grant money…

Majority of RI cities and towns will vote on recreational marijuana sales

Thirty-one of Rhode Island’s 39 cities and towns will ask voters whether to allow the sale of recreational marijuana within their borders, the secretary of state’s office said Thursday. In May, Rhode Island became the 19th state to legalize adult-use recreational marijuana, with sales starting Dec. 1. The state plans to license 24 new retail shops…

Arkansas Supreme Court issues provisional order placing recreational marijuana amendment back on ballot

Conditional certification stipulated The Arkansas Supreme Court on Wednesday granted a petition to allow a proposed constitutional amendment that would legalize recreational marijuana back on the November ballot until it decides how to proceed with the Arkansas Board of Election Commissioners’ decision to not approve its ballot title. The Arkansas Supreme Court stated in court…

Sweeping cannabis bill becomes law, after yearslong effort on reforms

Vetoes study on medical marijuana in schools Governor Charlie Baker on Thursday signed into law a package of significant reforms to the state’s multibillion-dollar marijuana industry, capping a yearslong campaign by advocates, entrepreneurs, and regulators to rewrite the rules of cannabis commerce in Massachusetts. While officials said key aspects of the bill could take a…

More Categories

Back To Top
×Close search
Search