Cannabis Analyst: SAFE Act Won't Make It To Senate Vote, But It's Part Of A 'Compromise Scenario' On Federal Legalization

The U.S. House of Representatives voted for the Secure and Fair Enforcement Banking Act on Monday for the fourth time. The bill aimed at enabling banks to provide its services to state-legal cannabis businesses never before passed to the Senate floor.

And Cantor Fitzgerald’s analyst Pablo Zuanic doesn’t see the bill reaching a Senate vote either, as leading Democrats there are pushing for broader reform, and not for “isolated federal level changes” for the industry.

Back in March, Senate Majority Leader Chuck Schumer held a short conference with Senate Finance Committee Chairman (D-OR) and Sen. Cory Booker (D-NJ) sharing their actions on drafting extensive reform legislation.

Just last week, Schumer announced his plans to introduce a federal legalization bill soon.

“Once it is introduced, it will go on the floor,” Schumer said.

‘Compromise Scenario’

“With the considerable limitations of a 2-year Congressional term, ’s …

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More Cannabis Analyst: SAFE Act Won't Make It To Senate Vote, But It's Part Of A 'Compromise Scenario' On Federal Legalization