U.S. Senate looks at cannabis banking reform, but industry says it’s not enough

A U.S. Senate committee on Wednesday will vote on whether to advance a bill that would allow the legal cannabis industry access to banking, an option that industry lobbyists have long sought.

Critics include Cody Bass, owner of Tahoe Wellness, a cannabis dispensary in Lake Tahoe, California, who said he is facing $3.4-million in back taxes due to Section 280E. The federal government lists cannabis as a Schedule 1 illegal drug, with no potential medicinal uses, making it even more strictly controlled than cocaine and fentanyl.The legislation has been in the works for years, first introduced in 2013 by Democratic Senator Jeff Merkley.

Republican Senator Mike Rounds, a member of the Senate Banking Committee, said he continued to oppose SAFER.

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