While it’s unclear which bills are being merged, it’s believed that Senator Schumer is alluding to a combined bill resembling the State’s Act, a measure supported by Senators Elizabeth Warren and Cory Gardner, which includes the social justice provisions of the MORE Act.
Senator Schumer also appears to be addressing other obstacles such as taxation and banking. While the MORE Act does not create a commercial cannabis industry, it affects social, criminal, and racial justice reforms surrounding the cannabis plant. Ultimately, it would deschedule cannabis from the Controlled Substances Act.
The State’s Act appears to be a balanced bill that will assist the commercial industry in moving forward and provide stability in a variety of ways combined with the racial, social, and criminal justice elements of the MORE Act. This measure is designed to keep the FDA from imposing additional regulations on it.
There’s also the Secure and Fair Enforcement (SAFE) Banking Act that has been sitting patiently before the Senate for more than a year. This could also part of Schumer’s merger. The Act would be the first step in the government’s recognition of the economic value of the cannabis industry. In the uncertain times we find ourselves living through, it’s never been more apparent how much that is needed.
The SAFE Banking Act provides that federal regulators shall not interfere in the actions of a depository institution dealing with state-legal cannabis businesses. Further, it protects financial institutions that choose to do business with cannabis companies in legal states and provides clarity so that federal regulators cannot interfere with or punish financial institutions for working with legitimate cannabis-related businesses.