{"id":45755,"date":"2021-07-15T16:39:00","date_gmt":"2021-07-15T22:39:00","guid":{"rendered":"https:\/\/dh.durangoherald.com\/tj\/democrats-push-for-federal-marijuana-legalization-but-banking-bill-could-be-collateral-damage\/"},"modified":"2021-07-15T22:39:00","modified_gmt":"2021-07-15T22:39:00","slug":"democrats-push-for-federal-marijuana-legalization-but-banking-bill-could-be-collateral-damage","status":"publish","type":"post","link":"https:\/\/dh.durangoherald.com\/tj\/democrats-push-for-federal-marijuana-legalization-but-banking-bill-could-be-collateral-damage\/","title":{"rendered":"Democrats push for federal marijuana legalization, but banking bill could be collateral damage"},"content":{"rendered":"\n

\"A
A Colorado-led effort to give the legal cannabis industry access to banking could be placed in an indefinite holding pattern because of a more sweeping measure seeking the federal decriminalization of marijuana. (Jerry McBride\/Durango Herald file)<\/span>du1-i-syn<\/span><\/figcaption><\/figure>\n<\/p>

WASHINGTON \u2013 The U.S. Senate\u2019s top Democrat is backing a bill that would strike down a longstanding federal prohibition on marijuana, embracing a proposal that has slim chance of becoming law yet demonstrates growing public support for decriminalizing the drug.<\/p>\n

But a Colorado-led effort to give the legal cannabis industry access to banking could be placed in an indefinite holding pattern because of the more sweeping measure, which doesn\u2019t appear to have a path to passage.<\/p>\n

Proposals to legalize marijuana are nothing new. But Senate Majority Leader Chuck Schumer is a sponsor of the effort unveiled Wednesday, underscoring how a once-fringe idea is increasingly mainstream. The measure would erode a central pillar of the decadeslong war on drugs, which has disproportionately affected communities of color in the United States.<\/p>\n

\u201cI will use my clout as majority leader to make this a priority in the Senate,\u201d said Schumer of New York, who is the first Senate leader to support such an effort. \u201cIt\u2019s not just an idea whose time has come, it\u2019s long overdue.\u201d<\/p>\n

The bill would treat marijuana much like alcohol or tobacco, allowing it to be taxed and regulated. States could still outlaw its use. And those younger than 21 couldn\u2019t purchase it. It would remain illegal to sell significant quantities without proper licensing and authorization, much like bootlegging alcohol. It would also clear the path for additional cannabis medical research.<\/p>\n

But besides clearing obstacles to recreational use, advocates say the bill would help the poor and those from communities of color who have disproportionately been arrested, charged and jailed for marijuana crimes.<\/p>\n

The bill would expunge federal nonviolent convictions and allow for records of them to be sealed. Those currently serving nonviolent marijuana-related sentences could also seek a review hearing and receive an expungement.<\/p>\n

\u201cWe have our precious resources being used to lock up \u2026 Black and brown people for doing things that presidents, Congress people and senators have done,\u201d said Sen. Cory Booker of New Jersey, who is also a cosponsor of the bill, along with Oregon Sen. Ron Wyden.<\/p>\n

A similar bill has passed the House. But the measure faces a virtually nonexistent path in a narrowly divided Senate, where 60 votes are needed to pass most legislation.<\/p>\n

Schumer acknowledged that not all Democrats support the bill. That includes President Joe Biden, who has said he supports decriminalizing marijuana but believes the federal prohibition should remain.<\/p>\n

\u201cI\u2019ve spoken in the past about the president\u2019s views on marijuana. Nothing has changed and there\u2019s no new endorsements of legislation today,\u201d White House press secretary Jen Psaki said Wednesday.<\/p>\n

Republicans and influential law enforcement groups are certain to oppose it, as well.<\/p>\n

\u201cI don\u2019t understand how Republicans who say they are for \u2018states rights\u2019 won\u2019t support what my colleagues are talking about,\u201d said Wyden. \u201dWhat this bill does is we decriminalize at the federal level, but we don\u2019t require states to legalize.\u201d<\/p>\n

The marijuana legalization push comes as Colorado\u2019s U.S. Rep. Ed Perlmutter, D-Arvada, has been working for years to grant the legal marijuana industry access to banking through the SAFE Banking Act. Legal cannabis businesses have not been able to access full banking services because banks are federally regulated and marijuana remains federally illegal.<\/p>\n

Booker said he would not support Perlmutter\u2019s effort moving forward while the broader legalization legislation is on the table.<\/p>\n

\u201cI don\u2019t know about other members of the Senate, but I will lay myself down to stop an easy banking bill that\u2019s going to allow all these corporations to make a lot more money off of this as opposed to focusing on the restorative justice aspect,\u201d he said at a news conference.<\/p>\n

Perlmutter said in a written statement that he disagrees with that approach.<\/p>\n

\u201cI support comprehensive cannabis reform legislation and believe it is important to ensure true social and economic justice is achieved after the War on Drugs. However, there is a serious public safety threat that exists in our communities which we cannot wait to address,\u201d Perlmutter said. \u201cCannabis-related businesses \u2013 including small and minority-owned businesses \u2013 and their employees continue to be forced to operate as high-volume cash businesses that are being targeted by violent criminals and putting our communities and constituents at risk.\u201d<\/p>\n

Perlmutter added: \u201cThe SAFE Banking Act is not about making corporations richer \u2013 it\u2019s about protecting employees, patients and customers of small businesses.\u201d<\/p>\n

The National Cannabis Industry Association also blasted Booker\u2019s remarks.<\/p>\n

\u201cWe absolutely share Sen. Booker\u2019s desire to enact comprehensive reform as soon as possible, but we also recognize \u2013 as do the sponsors of this legislation \u2013 that the status quo disproportionately hurts marginalized communities and small businesses, and that getting the bipartisan support necessary for passage in the current term is far from certain,\u201d Aaron Smith, co-founder and chief executive officer of the National Cannabis Industry Association, said in a written statement. \u201cClosing the door on broadly supported incremental reforms like the SAFE Banking Act while the Senate seeks compromise on farther-reaching bills hurts the possibilities for consensus and ignores the very real needs of small business operators who have repeatedly said that access to banking services and traditional lending is an existential issue.\u201d<\/p>\n

Nearly $11 billion of recreational marijuana has been sold in Colorado since sales began in 2014, pumping more than $1.8 billion in tax revenue into the state\u2019s coffers.<\/p>\n

Schumer and the other sponsors of the bill say their proposal is a \u201cdiscussion draft\u201d that\u2019s intended to get the conversation started.<\/p>\n

Though 18 states have legalized recreational use and 37 allow for some sort of medical marijuana, the remaining federal prohibition has created headaches for the industry in states where it is legal, making it hard for businesses to get banking services and loans.<\/p>\n

Those in the marijuana industry called Schumer\u2019s support a significant advance.<\/p>\n

\u201cIt is a big ask and I\u2019m a realist,\u201d said Joe Caltabiano, CEO of Choice Consolidation Corp. and the cofounder of Cresco Labs. \u201cIt will take a lot to get this bill through Congress.\u201d<\/p>\n

Maritza Perez with the Drug Policy Alliance said Congress is finally catching up with where the general public has long been. Meanwhile, those who are convicted of marijuana-related offenses face life-altering consequences, making it hard to get a job or receive public benefits.<\/p>\n

Earlier this month, American sprinter Sha\u2019Carri Richardson was left off the U.S. team\u2019s Olympic roster after a positive test for marijuana, costing her a chance at running on the relay team in Tokyo, in addition to her spot in the 100-meter individual race.<\/p>\n

\u201cToday is a historic day in the sense that we have the Senate majority leader introducing a bill to regulate and legalize marijuana. That\u2019s huge,\u201d said Perez, who is a director in the office of national affairs for the organization. \u201cFor the public, marijuana has become culturally acceptable. But people forget that more than a half-million people are arrested for marijuana possession each year.\u201d<\/p>\n

Brian Slodysko of The Associated Press contributed to this report. Colorado Sun staff writer Jesse Paul contributed to this report.<\/em><\/p>\n

The Colorado Sun is a reader-supported, nonpartisan news organization dedicated to covering Colorado issues. To learn more, go to coloradosun.com<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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