Hello dear readers,
I would like to update you today on the latest developments surrounding the Secure and Fair Enforcement (SAFE) Banking Act in the United States. This topic has generated a lot of conversation in recent weeks, and there are some important updates you should know.
Return from the summer break
On Tuesday, the U.S. Senate returned from its August recess. Majority Leader Chuck Schumer reiterated his commitment to moving forward with the highly anticipated SAFE Banking Act. As reported in August, the annual summer recess has increased pressure on lawmakers to make significant progress on the SAFE Act in September. This against the backdrop of a possible renewed government shutdown on October 1.
Challenges and hopes
Some commenters have pointed out that if a marking session that has already been postponed twice does not occur before the shutdown, progress on the crucial cannabis bill will be significantly hampered. But there is hope: In a speech Tuesday, Schumer said “progress on cannabis” will be a legislative priority in the coming weeks and months. This gives hope that the marking session could be scheduled in the coming weeks.
Collaboration is the key
Schumer warned, however, that progress on cannabis reform and other priorities would “not be easy.” It would take “bipartisan cooperation” and “a lot of work and compromise” to move forward. He stressed, “It’s never easy to find bipartisan compromise on issues like this, but that’s what’s needed to get things done.”
Another positive step
The industry is also optimistic, given last week’s recommendation from Health and Human Services (HHS) that cannabis should be downgraded to a Class III substance. This could provide additional momentum for the SAFE Act.
Stay tuned for more updates on this exciting topic!