A decade’s worth of bipartisan haggling over how to extend basic financial services to the marijuana industry is hitting roadblocks on both sides of the aisle.
If passed, the SAFE Act would make it easier for financial institutions to offer services like bank accounts and small business loans to companies in the cannabis industry. As the number of break-ins at cash-heavy dispensaries has grown in recent years, the bill has gained more support from Republicans and some law enforcement officials, who argue it is important for public safety.
Reed said he’s shared language with committee leadership in hopes of getting it incorporated into a draft — and lobbied colleagues to get them on board. The Democrat aide working on this legislation said the concerns extend beyond the upper chamber: Senate Republican support is crucial to convincing the Republican-led House to take the bill up if it does pass the Senate.“I’d be open to that,” said Cramer — who is not a key negotiator on the bill, despite being a longtime supporter. “I’d rather see something than nothing.”