Next week may be a pivotal week for the marijuana industry as a key U.S. Senate panel will meet up to consider steps on making it easier for cannabis companies to obtain banking services.
The hearing is set to take place on July 23rd and will include Sens. Jeff Merkley, an Oregon Democrat, and Cory Gardner, a Republican from Colorado.
The two Senators are backing the Secure and Fair Enforcement (SAFE) Banking Act, which would enable financial institutions to serve state-authorized marijuana businesses without fear of federal punishment.
A key House committee already has passed the companion SAFE Banking Act.
The cannabis banking bill has 206 co-sponsors in the House and 31 in the Senate.
“House Democrats have a robust agenda which has made it tough to get time on the legislative calendar,” said Ashley Verville, the communications director for Rep. Ed Perlmutter, in an email to Marijuana Business Daily.
Perlmutter, a Colorado Democrat, is a longtime sponsor of the measure.
“But as we continue to talk with people,” Verville added. “We keep gaining more and more support and look forward to a strong vote on the floor of the House soon.”
