Schumer Expresses Confidence in Bipartisan Cannabis Banking Bill

LOS ANGELES– Senate Majority Leader Chuck Schumer (D-NY) has expressed confidence that a bipartisan bill aimed at addressing banking issues in the cannabis industry will successfully pass in Congress during this session. The reassurance came from Wanda James, CEO of Simply Pure, a Colorado-based cannabis company, who recently spoke with Schumer and other Democratic senators on the matter, according to a report by Marijuana Moment.

James, the first Black woman to own a licensed marijuana dispensary in the United States, had a brief conversation with Schumer during an event focused on higher education. While Schumer’s office has not provided an official comment on the matter, James stated that the majority leader expressed his confidence in advancing the Secure and Fair Enforcement (SAFE) Banking Act. This proposed legislation would enable banks and credit unions to work with state-licensed cannabis businesses.

“I am of the opinion that our Democratic leadership believes that this is something we can get done,” James said, sharing her impressions after discussions with Chuck Schumer and Sens. John Hickenlooper (D-CO) and Michael Bennet (D-CO) during her visit to Washington, D.C.

During her visit, James also had a conversation with Rep. Ed Perlmutter, who debunked negative talking points surrounding the bill.

Confidence in Incremental Reforms: Perspectives on the SAFE Banking Bill

While opinions may differ regarding the final form of the bill, with Schumer advocating for expungement provisions and some industry representatives calling for broader financial protections, the overall sentiment encountered by James was one of confidence in achieving incremental reforms.

Although some advocates with a focus on equity have expressed reservations about the SAFE Banking Act, believing that it should not precede more comprehensive justice-focused reforms, James, along with many other Black cannabis business owners, supports the current modest financial reform efforts while ultimately aiming for comprehensive legalization.

James, a military veteran and former Fortune 100 executive, emphasized the urgency of passing basic banking reforms, citing the recent closure of her personal bank accounts due to her involvement in the cannabis industry. She also underscored the need for progress on this front, even as the long-term goal remains comprehensive legalization. Her enthusiasm for further advancements in the industry and her hope for the successful passage of the marijuana banking bill in Congress this session were evident.

As discussions and negotiations around the bill continue, stakeholders and advocates in the cannabis industry will be closely watching for developments, anticipating the potential positive impacts that improved access to banking services could have on the industry’s growth and legitimacy.