House Passes Cannabis Banking Bill - The House passed the same bill in 2019 by a similar margin, but it stalled in what was then the GOP-controlled Senate.
Why this is important: The Safe Banking Act, if passed, will legalize proceeds from legitimate cannabis businesses. Because cannabis is still federally listed as a schedule one drug, many banks and credit unions have refused to allow cannabis businesses to open accounts or store money, even if the business is located in a state where cannabis is legalized. This usually means the businesses must hold onto cash from all of their sales a risky practice that has led to an increase in crime. Senate Majority Leader Schumer has indicated that the bill will be voted on in the Senate.
The Strategic Competition Act of
2021,
1 approved by the Senate Foreign Relations
Committee on April 21, 2021, signals continued bipartisan consensus
to orient U.S. policy towards aggressive action to counter
China. Given the broad bipartisan support in
Washington to address China s malign activities, the bill will
likely pass the Senate and House of Representatives. This bill is a
useful barometer of congressional sentiment towards China and may
guide the Biden administration s future China-related actions.
The bill recognizes that U.S. ability to effectively compete with
China requires domestic support for competitive industries and
engagement with international partners to counter Chinese influence
in international institutions and on international standards. The
The Decline of Lawmaking Reflects a Diminished Congress SHARE
Many Americans have an idealized conception of how Congress legislates, one famously described by Schoolhouse Rock commercials. Under this renowned framework, a bill starts in a congressional subcommittee, where it is debated in hearings and edited in a process known as a “mark up.” If a subcommittee majority ultimately approves it, then the bill goes through another round of debate and edits, this time before the full committee. And if the bill passes out of the full committee, there is yet another round of debate and edits, this time on the floor of the House or Senate. Finally, if the bill survives all that, it’s sent to the other chamber of Congress, where the process starts anew. Thus, many of us have learned “how a bill becomes a law.”
Operator
Welcome to the 22nd Century Group s first-quarter 2021 earnings conference call. [Operator instructions] As a reminder, today s conference is being recorded. At this time, I would like to turn the call over to Mei Kuo, director of communications and investor relations. Please begin.
Mei Kuo
Director of Communications and Investor Relations
Thank you, Diego. Good morning and welcome to 22nd Century s first-quarter earnings conference call. Joining me today are; Jim Mish, our chief executive officer; Mike Zercher, our president and chief operating officer; and John Franzino, our chief financial officer. Earlier today, we issued a press release announcing our results for the first-quarter 2021.
Chuck Schumer’s Senate Balancing Act Could Impact Marijuana Reform
Chuck Schumer’s Senate Balancing Act Could Impact Marijuana Reform
Schumer needs to make progress on critical issues to earn respect and obtain the necessary power to legalize marijuana. Point blank.
Long before Chuck Schumer was Senate Majority Leader, he believed he would eventually be the guy to eliminate marijuana prohibition nationwide. Now that he’s got the job, however, the task of reforming federal cannabis law is proving more difficult by the day.
Not only must Schumer contend with eventually trying to pass controversial cannabis legislation in a Congress where Democrats only have a slim majority, but he also must watch how he handles other delicate issues or else it could sabotage the necessary votes he needs to advance his pot bill to the next level.