The Chairman's office says that the Senate Committee vote on marijuana banking bill 'won't be next week', despite insiders' predictions.

The Senate Banking Committee won’t not vote on cannabis banking legislation this week, contrary to the claims of key analysts and insiders.

A Banking Committee spokesperson said to Marijuana Moment that “markup will not be next week.” Top Senate players from both sides have stated that they are prepared to move forward with the Secure and Fair Enforcement Banking Act (SAFE) this fall, following a “productive August recess.”

It is important to note that no legislators involved in the bill have publicly announced a vote for next week. There’s been a lot of speculation about this timeline. GOP lobbyist Don Murphy, along with other industry observers, predicted a markup the week ending September 18.

Jesse Redmond of Water Tower Research noted in a Monday report that “multiple” sources said the vote was scheduled for the week ending September 18.

In The Highlights, I discussed recent sales figures from Illinois and Maryland, as well as what has been driving the increase. Also, we look forward to a busy week for Spaces & Podcasts. A preview is below, read all 1,929 words here: https://t.co/o3UbryeMSH pic.twitter.com/OtrToiygKm

— Jesse Redmond (@jesseredmond) September 11, 2023

Murphy stated in a X Spaces chat that was held last week, that those who invested in the SAFE Banking Act may also want to consider a trip to Washington, D.C. during that same week. The lobbyist explained to Marijuana Moment that it was his understanding, based on reliable sources, that the vote would take place then.

Sherrod Brown, the chairman of the House Democratic Caucus (D-OH), recently stated that he aims to advance the legislation in “six weeks,”. The fact that predictions for a markup the following week were inaccurate does not necessarily mean that the timeline has changed. The exact date of a vote is still unclear.

The lead GOP sponsor, Sen. Steve Daines of Montana (R), said that a vote is “imminent.” A spokesperson from his office told Marijuana Moment that the discussions over the August recess have been “very productive,” and that things are “moving in a positive direction.”

In a letter to his colleagues, Senate Majority leader Chuck Schumer (DNY) said that “safeguarding marijuana banking” was one of his legislative priorities. He also stressed the importance of bipartisan support. In a speech on the floor last week, he said that he is committed to “making significant progress” in the fall session.

While some people may be disappointed that the markup will not be happening as soon as they had anticipated, key legislators have consistently stated their intention to move the bill as quickly as possible.

The chances of the SAFE Banking Act being passed this fall depend on several factors. For example, moving spending legislation that must be approved to fund the federal government will take a lot of time from senators. There’s also a disagreement about a key section of the legislation that stopped it from moving forward during the summer session, before lawmakers went on vacation in August.

Several Democrats are concerned that Section 10 would weaken banking regulations. They want to amend the section or remove it. Republicans, however, have stated that they do not support this option. It’s not clear if there was any progress made during the recess in reaching an agreement to allow the bill to pass through the Senate Banking Committee.

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The SAFE Banking Act currently has 42 sponsors, which is nearly half the Senate. Eight Republicans and three Independents are also on board. Insiders claim that the SAFE Banking Act, in its current standalone form, has enough Republican support to pass the Senate with 60 votes.

Brown and Daines sparred about the next steps of the bill as the summer recess approached. Brown insisted Daines needed to get more GOP co-sponsors. Daines, however, argued that Republicans were already ready to pass the bill as agreed upon.

Daines also warned against trying to expand the measure to include social justice reforms, which progressives would love to add. However, his office told Marijuana Moment that the senator was “open” about adding the expungements language as proposed by Schumer.

The SAFE Banking Act, as it is currently drafted, would protect banks, credit unions and depository institutions from being penalized for working with cannabis businesses licensed by state regulators.

Other people have suggested other changes they would like to see included in the cannabis bill, such as expanding protections for marijuana industry access all forms of financial service, including representative on major U.S. Stock Exchanges.

Other advocates have criticized the request, saying that it would be inappropriate to assist businesses at a time when efforts to legalize cannabis in Congress are stalled.

Sen. Jacky Rose (D-NV), has said that , she wants the SAFE Banking Act passed with an amendment to allow cannabis businesses to have access to federal Small Business Administration services (SBA).

The legislators will continue “to work in a bipartisan manner” in order to accomplish the task.

Sen. Cory Booker, (D-NJ), said that lawmakers were working on “resurrecting” the Cannabis Reform Package. He acknowledged that the failure to advance an industry banking fix “literally means hundreds of businesses will go out of business.”

Rep. Earl Blumenauer, D-OR, who is the lead Democratic sponsor for the House version SAFE Banking Act in April, stated at a media briefing that he believes it’s crucial that advocates and legislators align on any incremental proposal to end the war on drugs, cautioning against an “all or nothing” mentality.

The American Bankers Association (ABA), which also renewed its call recently for the passage the legislation. All 50 state chapters of the ABA did the same. Insurance and union organizations also wrote to Congress.

also celebrated its 10-year anniversary in July, since the first version SAFE Banking Act was introduced.

Colorado Gov. Jared Polis, a Democrat, said separately in a letter last week to President Joe Biden that he should support the congressional push for marijuana bank reform at the same time the Drug Enforcement Administration begins its review after receiving a rescheduling recommendations from the top federal agency.