The Senate is poised to take up legislation to boost the nation’s booming cannabis industry, with its backers feeling bullish and selling it as a bill that is more about banking than marijuana
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“It’s no longer about cannabis,” said Don Murphy of Marijuana Policy Project. “It’s not cannabis advocates calling for this. It’s bankers. And Realtors. And insurance companies. And those are folks that Republicans respond to.”High-quality coverage of one of the fastest growing industries in the country. Sign up for a free preview.By signing up you agree to receive email newsletters or alerts from POLITICO. You can unsubscribe at any time.
“The politics of marijuana are changing,” said Rep. Steve Stivers , a key player in the effort to whip House Republican votes. “But there are a lot of people who are going to vote 'yes' on this who are not for the legalization of marijuana, like me." Another provision was added to restrict bank regulators from pressing lenders to cut ties with customers based on reputational risk. It was aimed at winning over Republicans who wanted Congress to prevent the revival of an Obama-era program known as “” that GOP critics said discouraged banks from serving payday lenders and gun retailers.
Fueling optimism in the Senate is a seeming lack of opposition from President Donald Trump and buy-in from Republicans such as Crapo, whose state has not legalized cannabis but who has been moved by fallout from the federal-state conflict.
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