Schumer pressed by Perlmutter to get marijuana banking bill passed in Senate

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Rep. Ed Perlmutter (D-Colo.), the sponsor of the SAFE Banking Act in the House, recently told Senate Majority Leader Chuck Schumer (D-N.Y.) of the need to pass the marijuana banking legislation during the current congressional session.

Speaking on Denver radio station KOA, Perlmutter said Schumer told him the Senate is "working on it" and is "going to get going." Perlmutter's interview was first reported by Marijuana Moment.

"Whether that was just lip service or reality, there is momentum," Perlmutter told the radio station. "It probably won’t happen until the lame duck session after the elections, but I've always felt confident that common sense will prevail and we’ll get this finished, and I think we will."

While Perlmutter is focused on SAFE Banking, which would allow legal cannabis businesses access to the US financial system, Schumer and other Senate Democrats in July introduced the Cannabis Administration and Opportunity Act (CAOA), legislation with much more sweeping marijuana reforms, including legalization.

While the CAOA is seen as unlikely to pass the Senate, SAFE Banking has a greater chance of success.

Multi-state 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); Acreage Holdings (OTCQX:ACRHF); Ayr Wellness (OTCQX:AYRWF); Verano Holdings (OTCQX:VRNOF); and Jushi Holdings (OTCQX:JUSHF).

Cannabis-related ETFs: AdvisorShares Pure Cannabis ETF (YOLO), Amplify Seymour Cannabis ETF (CNBS), ETFMG Alternative Harvest ETF (NYSEARCA:MJ), AdvisorShares Pure US Cannabis ETF (MSOS), and Global X Cannabis ETF (POTX).

In August, Sen. Cory Booker (D-N.J.) said he was open to a "SAFE Banking Plus" bill that would include provisions for marijuana business banking as well as criminal justice reform.

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