Marijuana banking could be included in SAFE Banking Plus compromise legislation – Booker

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Signaling that a compromise is possible on marijuana legalization reform, Sen. Cory Booker said he was open to a “SAFE Banking Plus” bill that would include provisions for consumer banking. marijuana companies as well as criminal justice reform.

Talk with Cheddar NewsBooker said the compromise legislation should include Small Business Administration loans to small businesses.

Booker’s comments are a bit of a flip-flop considering he once said he would “lie down” to stop a bill like SAFE Banking from being passed because he sees the legislation benefiting mainly to big cannabis interests. The senator noted that the cannabis industry in the United States is currently owned by a minority of approximately 1%.

Booker admitted he has a relatively short window of time to pass some sort of marijuana reform legislation, before the new Senate is sworn in in January 2023.

The SAFE Banking Act has passed the House several times, but has stalled in the Senate. The legislation would allow legal cannabis companies to do business with the US financial system.

Multistate Operators: Cresco Labs (OTCQX:CRLBF); Columbia Care (OTCQX: CCHWF); Trulieve Cannabis (OTCQX:TCNNF); Green Thumb Industries (OTCQX: GTBIF); Curaleaf Holdings (OTCPK: CURLF); MedMen Enterprises (OTCQB:MMNFF); Area holdings (OTCQX: ACRHF); Ayr Wellness (OTCQX: AYRWF); Verano Holdings (OTCQX:VRNOF); and Jushi Holdings (OTCQX: JUSHF).

In July, Booker, one of the sponsors of the Cannabis Administration and Opportunity Act, held a hearing to discuss the legalization of marijuana.

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