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Cannabis banking bill removed from China competition package

Congressional leaders have removed a key cannabis banking measure from their China competition bill, dealing a blow to marijuana advocates who pushed for its inclusion.

The SAFE Banking Act, which would allow legally operating cannabis businesses to access banking services, was included in House Democrats’ COMPETES Act but not the Senate’s bipartisan U.S. Innovation and Competition Act passed last year.

The bill’s supporters said Thursday that lawmakers are endangering cannabis workers by failing to overhaul the current system, which forces most dispensaries to use cash, making them top targets for robberies.

“In the wake of the Senate’s inaction, people continue to be killed, businesses continue to be robbed, and employees and business owners in the cannabis industry continue to be excluded from the financial system,” Rep. Ed Perlmutter (D-Colo.), the bill’s lead sponsor, said in a statement

Punchbowl News first reported the development, noting that GOP negotiators demanded the provision be removed from the China competition package, which would provide $52 billion in subsidies to boost domestic semiconductor production. Lawmakers in a conference committee are working on a compromise bill that could win 60 Senate votes. [Read More @ The Hill]

 

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