Senate cannabis bill gets bipartisan support in successful vote

Cannabis stocks took a dip Wednesday despite good news from Washington, D.C., on a bill that will make it much easier for large multi-state operators to grow their businesses in the U.S. 

After some debate, the Senate Banking Committee voted to advance the Secure and Fair Enforcement Regulation Banking Act by a 14-9 vote. 

Related: Cannabis stocks get boost from good news out of the Biden administration

"Cannabis banking is just one part of the necessary conversation about marijuana policy," said Sen. Sherrod Brown (D-OH), chairman of the Senate Banking Committee. 

"Regardless of how you feel about states’ efforts to legalize marijuana, this bipartisan bill is necessary – it will make it safer for legal cannabis businesses and service providers to operate in their communities and protect their workers."

The bill has garnered bipartisan support from both sides of the political aisle, with at least one Republican who opposes the legalization of marijuana voting to advance the bill for his own reasons. 

"I'm opposed  to the legalization or decriminalization of marijuana. But the SAFER Banking Act is not about that. It's not about that at all, it is not a step in that direction. This bill is about public safety, first and foremost," said Sen. Steve Daines (R-MT).

"The current cash model makes them targets for theft, tax evasion and organized crime. The only way to fight these scourges is to ensure that "all legal businesses have access to the banking system."

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So why would a Republican who doesn't believe marijuana should be legalized, or even decriminalized, advocate for this bill? Well it's because the language would also protect gun manufacturers and distributors, energy companies, and other legal businesses from being targeted "because of political differences."

Meanwhile, the bill also drew attack from the Democratic side of the aisle with Sen. Raphael Warnock (D-GA) saying that he was "deeply troubled" that the committee was "voting on this bill at this time."

"I must ask my colleagues why this bill, and why now? I find it a tragic irony that we are calling this the SAFER Banking bill. Who does this SAFER Banking bill make safer? Certainly not the millions of Americans locked up for non-violent drug offenses since President Nixon declared the war on drugs 50 years ago."

Warnock argued that he would only support the bill if "broader cannabis reforms" were also included and the bill did not solely focus on the bankers and big businesses who could make money from the change. 

Now that the bill has passed committee, it will be put on a calendar to be voted on, debated or amended by the House of Representatives. If the bill passes a simple majority House vote – 218 of 435 – then it goes back to the Senate where it will be debated again. 

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