Marijuana Banking Bill has been one of the most anticipated reforms in the USA however, it failed to be included in the Year-End Spending Bill. The bill is supposed to be released on the upcoming Monday. Senate and House staffers have confirmed that the Marijuana Banking Bill has been excluded from the yearly expenditure bill.
Though it was a must-pass act for the cannabis businesses in the states it couldn’t get proceeded by President Biden and his management.
Why Marijuana Banking Bill was expected to get passed?
The cannabis market in the USA is broadening gradually. It is also expected to grow to $72 billion by 2030. Nevertheless, it is not legal in all states. As per the reports, this has created challenges for the states where it is legal. Hence, until the cannabis business is legalized at the federal level, the market may face difficulties to grow.
Along with that, the Secure and Fair Enforcement (SAFE) Banking Act prohibits federal control bodies from penalizing banks and other treasury institutions for availing assistance to legal cannabis marketing. Under such circumstances, the Marijuana Banking Bill was determined to get approval in the Year-End Spending Bill.
The bill was also expected to get included in the National Defense Authorization Act (NDAA). However, its exclusion on both occasions has surprised many.
Endeavors to enforce Marijuana Banking Bill-
According to the sources, Oregon Democrat Jeff Merkley and Montana Republican Steve Daines are the Senate sponsors of the Marijuana Banking Bill who have worked to include the bill in the SAFE Banking Act with a budget of around $1.7 trillion but they failed.
The cannabis market has recently experienced a downfall marking an 18% fall in stocks. The two biggest cannabis sellers in the country are Curaleaf Holdings Inc. and Green Thumb Industries Inc. whose stocks fell to 17% and 12% respectively.
After getting excluded from the upcoming Year-End Spending Bill, the Banking Bill for marijuana is anticipated to reintroduce in the Congress session starting from January 3rd, 2023.