Congress now has three different cannabis bills and three different approaches before it. One approach, taken by the Secure and Fair Enforcement Banking Act (the SAFE Banking Act), is to focus specifically on the difficulties faced by the banking, insurance and payments sectors. Another approach, taken by the Strengthening the Tenth Amendment Through Entrusting States Act (the STATES Act), defers to state law, mandating that cannabis-related activities that are legal under state law should also be legal under federal law. Finally, there is a movement to fully legalize cannabis under federal law while addressing social justice issues, which is the approach taken by the recently-introduced Marijuana Opportunity Reinvestment and Expungement Act (the MORE Act). The House is expected to vote on the SAFE Act this week while both the timing and approach to be taken by the Senate remains unclear. We expect that legislative efforts in this area will continue to be influenced by each of these three approaches. This visual memorandum updates our July 22 briefing on federal cannabis banking reform, covering the SAFE Banking Act and its recent amendments, the STATES Act and the MORE Act, as well as recent developments in the regulation of hemp.
Please see our client memorandum for more details.