Senate Majority Leader Chuck Schumer thinks a federal legalisation of marijuana might be a reality in the near future due to the SAFER Act, which would reduce the risks to businesses in the cannabis industry.
It would provide the industry with access to banking services- something that has been evasive since states first began to legalize recreational marijuana more than a decade ago.
“Its time has come. The people are on our side,” told Chuck to Yahoo News in an interview. He added that public support for recreational cannabis has increased dramatically in the past 10 years, which was recently evidenced in Ohio as well. The traditional Republican stronghold voted to legalize recreational marijuana last week, becoming the 24th state to do so.
Additionally, he thinks the SAFER Banking Act is a boom for the cannabis industry. The Secure and Fair Enforcement Regulation Banking Act, or SAFER Banking Act, was passed by a bipartisan majority in the Senate Banking Committee in late September. It would allow financial institutions to shell out more small business loans while also providing legal protection to banks that work with cannabis retailers.
Previous versions of the bill were approved seven times by the House but were not able to get the sixty votes required to pass the Senate. Now Chuck claims that “as soon…