The Benzinga Cannabis Capital Conference in Chicago, Illinois, provided a platform for industry leaders and experts to discuss the future of cannabis reform. One key theme emerged: bipartisan support for legalization and banking reforms is paving the way for significant changes in the industry.
David Mangone, vice president at The Liaison Group, highlighted the progress made over the past year. “We’re heading into an election cycle where both major party tickets are in favor of legalization, as well as smaller reforms,” he stated. “We have had a Congressional Budget Office score on the Banking Bill and the Government Accountability Office reaching out to stakeholders in the industry and service providers.” Crucially, both presidential candidates have expressed support for state banking, further solidifying the momentum for reform.
Mangone emphasized the bipartisan nature of this support, making it difficult for opponents to stand against the bill based on policy. “There is bipartisan support for cannabis reform, including endorsements from both major presidential candidates,” he explained. One Republican senator even called the SAFE Banking Act “just good governance.”
Former Rep. Ed Perlmutter, known as the “father of the SAFE Banking Act,” predicted that the 2024 elections could lead to a “split government” with a Democratic White House, a Republican Senate, and a Democratic House. This scenario, he believes, could actually accelerate the passage of the SAFE Banking Act in the lame duck session. The act has been stuck in the Senate for the past five years, but Perlmutter anticipates that Senate Majority Leader Chuck Schumer will push for its approval. While the House might be more hesitant, Perlmutter believes that a deal could be made, potentially involving crypto.
Mangone also provided an update on the rescheduling process, noting that the rule received over 43,000 public comments. A hearing before an administrative law judge is scheduled for December, and while participants are yet to be confirmed, former Deputy Attorney General James Cole, the Iraq Afghanistan Veterans Association, and many researchers and scientists have made strong arguments in favor of rescheduling.
The conference emphasized the importance of continued advocacy, urging attendees to reach out to lawmakers and support initiatives like “pound 250.” This action initiative allows individuals to connect directly with their senators through a simple phone call, urging them to support cannabis reform.
As the industry anticipates significant changes, the Benzinga Cannabis Capital Conference offered a glimpse into the future, highlighting the momentum for cannabis reform, the importance of bipartisan support, and the critical role of advocacy in shaping the industry’s future.
