Senate Democrats to reportedly push banking reforms for cannabis industry

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Justice department is scrutinizing measures’ implications on law enforcement investigations and prosecutions

outlines how implementation of a bill to reform the banking rules for cannabis companies “could significantly complicate law enforcement investigations and prosecutions”, though it also notes that the department believes that subject to minor changes “it can effectively implement the legislation”.

The passage of the bill through the Senate has become a priority for Senate majority leader Chuck Schumer ahead of the new session in January, AxiosIn July, the New York democratic senator, along with Senators Cory Booker of New Jersey and Oregon’s Ron Wyden introduced theThe bill’s sponsorsthat the cannabis industry, which employs nearly 430,000 workers and generated over $25bn in sales last year, “presents a significant opportunity for entrepreneurship and economic empowerment”.

“The ‘war on drugs’ has failed, and it’s time for lawmakers in Washington to respect the rights of states that have chosen to legalize cannabis,” they argued. Despite bi-partisan support, the bill stalled.

 

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