Chuck Schumer wants to end the federal prohibition on weed: 'The people are on our side'

[Eugene]

Source: Yahoo! News

Chuck Schumer wants to end the federal prohibition on weed: ‘The people are on our side’

After voters in Ohio overwhelmingly voted to legalize recreational marijuana last week, there is growing optimism that the rest of the country will soon follow.

Marquise Francis·National Reporter
Sat, November 18, 2023 at 5:00 AM EST·6 min read

Senate Majority Leader Chuck Schumer believes an end to the federal prohibition on marijuana is finally within reach, thanks to a bipartisan piece of legislation that would give the cannabis industry access to banking services — something that has been elusive since states first began to legalize recreational marijuana more than a decade ago.

“Its time has come,” Schumer told Yahoo News in a video interview, noting that public support of cannabis has dramatically increased in the last 10 years — as evidenced by voters in Ohio, a traditional Republican stronghold, overwhelmingly voting to legalize recreational marijuana last week and becoming the 24th state to do so. “The people are on our side.”

What is the SAFER Banking Act?

The Secure and Fair Enforcement Regulation Banking Act, or SAFER Banking Act, which was passed in late September by a bipartisan majority in the Senate Banking Committee, would allow financial institutions to give out more small business loans while also providing legal protection for banks that work with cannabis retailers.

Earlier versions of the bill passed in the House seven times but failed to get the 60 votes needed to make it through the Senate. Now, Schumer says he will move the current bill, reintroduced in September, forward to the Senate floor “as soon as we have those 10 or 11 Republican votes” needed, but he did not specify a date.

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Read more: https://news.yahoo.com/chuck-schumer-federal-prohibition-weed-cannabis-al-harrington-legal-100029027.html