- Instructed the federal government to stay completely out states’ business when it comes to cannabis.
- Amended the Controlled Substances Act to prevent it from being used against any person or company who is complying with state laws.
- Made it clear that cannabis transactions are not money laundering or generating unlawful transactions under federal banking laws.
- Removed industrial hemp from the Controlled Substances Act.
With bipartisan support at an all-time high, the chair of a critical House committee has vowed to usher a federal marijuana reform bill to the House floor. This bill holds the potential to transform the entire landscape of the cannabis industry – and create a fortune for anyone who knows how to position themselves today.
Even as the SAFE Banking Act heads to the House floor, the newswires are already buzzing with headlines about another bill that would “End Federal Marijuana Prohibition” entirely – and within a matter of weeks.
Such legislative action would be a massive leap forward for the cannabis industry, so it’s fair that the news would gain widespread coverage. But many of the headlines coming out of this news fall short of the full truth, and even more of them don’t tell the whole story.
Rep. Jim McGovern (D-MA), Chair of the House Rules Committee, began the buzz about this bill. “We will guide it to the House floor for a vote, which I think it will pass with an overwhelming vote – Democrats and I think a lot of Republicans as well,” he said. “If we have a strong bipartisan vote that will increase the pressure on the Senate to do something.”
But let’s be clear: He’s not talking about the outright legalization of cannabis at a federal level.
Frankly, for anything short of an executive order, you shouldn’t expect to see a full and complete end to federal prohibition this year. Our bureaucratic system moves slower than that.
That doesn’t mean we won’t see large legislative strides unlike anything we could have imagined in Congress before, though. The SAFE Banking Act was a pipedream when it was first introduced six years ago, but growing support makes its passage into law a near inevitability – if not this year, then extremely soon.
In fact, the bill Rep. McGovern was talking about bears some striking similarities to the SAFE Banking Act, and as such, it stands a very good chance of becoming law soon.
The STATES Act Is Coming
If you’ve been following along since the Institute’s beginning, this won’t be the first time you’ve heard of the STATES Act. It’s a version of this bill – or something very similar – that Rep. McGovern has vowed to bring to the House floor.
A previous iteration of the STATES Act would have:
If the SAFE Banking Act becomes law, it will take care of the money laundering concerns, and the Farm Bill already took care of the descheduling of hemp.
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Think about that for a minute: We already have bipartisan votes propelling related bills through our federal legislatures. With the support for these common sense measures at an all-time high, the levees are about to burst.
The SAFE Banking Act itself has set a precedent for bipartisan support of federal cannabis reform, passing the House Financial Services Committee in an impressive 45-15 vote.
And that outcome mirrors a recent poll conducted by the Associated Press, the results of which reveal a majority of all age groups across both sides of the aisle support marijuana legalization – 76% for Democrats and 54% for Republicans.
That figure for Republicans is nearly 10% higher than a similar poll showed two years prior, proving that support for cannabis reform has been growing rapidly – and that pace isn’t showing any signs of slowing down.
So make no mistake: A bill like the SAFE Banking Act or the STATES Act will pass very soon.
And once a bill like this becomes law – or an executive order is enacted to repeal cannabis prohibition, as my friend and colleague Tim Melvin predicts – the industry is going to explode.
Make sure you know how to position yourself to make a fortune when it does.
Executive Director, National Institute for Cannabis Investors
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13 responses to “The Bill That Will Change Everything”
April 03 2019