Cannabis News of Note for the Week:
Green Market Report: Biden announces ‘monumental’ shift to formally reschedule marijuana
Banking Dive: Pot banking bill advocates push for action this year
Politico Pro Cannabis (5/13): Senate Passes FAA Without Weed Banking (paywalled newsletter, text below)
Cannabis Reports of Note for the Week:
PBC Conference: Green Pages Directory – 2024
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Politico Pro Cannabis (5/13): SENATE PASSES FAA WITHOUT WEED BANKING —
When the Senate passed a five-year reauthorization of the Federal Aviation Administration on Thursday, the cannabis banking bill was nowhere to be seen. Despite talks to add the SAFER Banking Act and a stablecoin bill to the FAA, it appears now that supporters will need to find a different vehicle to get their weed package over the finish line.
It’s not particularly surprising: We reported late last month that Minority Leader Mitch McConnellstrongly opposed including the cannabis provision in the FAA, with Sen. Kevin Cramer (R-N.D.) — a consistent champion of cannabis banking legislation — saying there wasn’t enough support to add it as an amendment.
What’s next: Cramer told Natalie in early May that there’s talk that a package centered around the cannabis banking bill and stablecoin legislation could be brought to the floor after the FAA. That would open the door for other amendments, however — some of which could kill the deal. Cramer and other sources we’ve spoken with all sound the most bullish at this point about the bill coming up in the lame duck, after the November election.
This option is not without irony, of course: Majority Leader Chuck Schumer tried to get the cannabis banking bill done during lame duck in 2022, only to have it killed by McConnell. This time the story is a little different, as the bill has already gone through regular order — it passed out of committee last year.