Marijuana banking could get a lot of airtime in the upcoming lame-duck Congress

55 0

There is continuing optimism that cannabis reform is coming to Capitol Hill

While some experts say that the recent legislative move need not be seen as a sure bet, the remaining months of the year could prove to be one of the most positive times for the cannabis industry in the US. This year’s lame-duck session is closer. This is the post-election period before newly elected members of Congress take their seats in the new year. Many believe that during this session, marijuana will be a high-priority issue which could bring even more positive news for the legal industry.

The cannabis market alone is already evidencing great news lately. In addition to President Joe Biden announcing plans for marijuana possession pardons and the plant’s review of the Controlled Substance List, there is a possibility that more states will vote in November to legalize recreational marijuana use.

While Democrats have made it clear that there is a long list of legislation to introduce while they control both houses of Congress, marijuana reform has not been left out this time around. Many stakeholders show a high level of positivity and believe that long-standing issues such as restorative justice and banking reform will finally be addressed.

The only potential stumbling block is Republican support, which has so far proven to be extremely complicated. “Given the momentum, comments made, expectations raised and heavy lobbying by various advocacy groups, we think Senate Democrats want to get this done,” wrote Pablo Zuanic, managing partner at investment banking firm Cantor Fitzgerald. “So, in that context, the leverage may be in the hands of the Republicans.”