Senate marijuana bill includes new CDFI program, marijuana banking

by David Baumann, CUCollaborate

The long-awaited Senate Democratic marijuana legislation would allow marijuana banking and would establish a new Community Development Financial Institution (CDFI) program to provide grants to communities that have been impacted by the War on Drugs.

The legislation would decriminalize cannabis from the Controlled Substances Act, empowering states to create their own marijuana laws. Supporters said that would allow credit unions and banks to provide financial services to marijuana-related businesses without the fear of regulatory sanctions.

Senate Majority Leader Charles Schumer, D-N.Y., and four Democratic senators introduced the legislation Thursday.

“It is time that Congress catches up to the rest of the country,” Schumer stated on the Senate floor.

 

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