Rep. Ed Perlmutter (D-Colo.), the chief sponsor of the SAFE Banking Act, said that the recent introduction of the Cannabis Administration and Opportunity Act (CAOA) in the Senate eliminates a "hurdle" in getting his legislation passed, he told Denver's KOA Radio.
Perlmutter said that the CAOA currently doesn't haven't the votes to get passed, but it will allow more debate on his marijuana banking legislation. The interview was first reported by Marijuana Moment.
"I think there's a real opportunity to pass not as sweeping a piece of legislation as Schumer has introduced, but something that really will benefit the industry and make things safer," the congressman said. SAFE Banking has a greater level of bipartisan support than CAOA.
He added that other incremental reforms such as Small Business Administration (SBA) lending to small marijuana businesses and cannabis research could be added to SAFE Banking.
SAFE Banking has passed the House in some form seven times. Perlmutter is hoping it will pass the Senate this time and get signed into law as he is retiring when his term ends in January 2023.
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A Senate subcommittee is meeting Tuesday at 230p ET to discuss marijuana legalization.