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420 with CNW — Schumer Reveals That Cannabis Banking, Expungements Law Is Close

Nov 8, 2022 | Cannabis News Wire, Media Partners

This post is presented by our media partner Cannabis News Wire

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During a recent debate hosted by Spectrum News, Senate Majority Leader Chuck Schumer stated that Congress was very close to introducing and approving a cannabis measure with provisions to cover banking access for legal businesses and expungements of past convictions. When asked about a separate bill to legalize marijuana that he’d filed earlier this year and whether he felt it would have made more sense to promote more studies into cannabis before putting an end to prohibition, Schumer stated that while research was extremely important, most states had already approved marijuana legalization, which meant that the policy was inescapable.

The majority leader also revealed that he was working with Republicans as well as Democrats on the SAFE Banking Act. This bill not only enables financial institutions to lend cannabis firms funds but also expunges cannabis-related records.

The bill that will soon be introduced, the SAFE Plus Package, is expected to build upon a standalone marijuana banking resolution that has already been approved by the House in some form seven times but stalled in the Senate, which has variously been under Republican and Democratic control as that law failed to progress.

According to several legislators, the plan is to file the bill comprised of modest cannabis reforms during a session following the soon-to-be-conducted midterm elections, approve it in the House as well as the Senate, and then advance it to President Joseph Biden’s desk.

The debate’s Republican challenger, Joe Pinion, was also asked for his opinion about ending the prohibition of marijuana at the federal level. Pinion explained that it was irresponsible and reckless to legalize the drug at the federal level before ensuring that due diligence has been done. He also touched on the opioid overdose crisis, suggesting that the prevalence of fentanyl-laced marijuana would result in individuals dying from smoking.

It should be noted that the Safe Plus measure that Schumer is finalizing with bicameral and bipartisan input may not include language that would legalize cannabis at the federal level. Legislators have indicated that the bill will include protections for financial institutions that work with state-legal cannabis businesses, as well as other proposals to promote research on marijuana and offer access to medical marijuana for military veterans, among others

The majority leader’s office also confirmed that Schumer wasn’t working on a plan that would allow Amtrak train passengers to purchase and use marijuana during their travels. This comes after a fake news article on this matter was published about a week ago.

Entities such as REZYFi, Inc. will be waiting to see how SAFE Banking Plus makes it easier for them to transact with cannabis businesses in the jurisdictions where some measure of legalization has occurred.

NOTE TO INVESTORS: The latest news and updates relating to REZYFi, Inc. are available in the company’s newsroom at https://cnw.fm/REZY

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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