Trade To Black 22: SAFE Banking’s Back, Although Chuck Schumer’s Support in Question
In this week’s Trade To Black Podcast, Shadd Dales, Benjamin A. Smith and Anthony Varrell discuss a range of issues centering around the inclusion of a SAFE Banking amendment in the America COMPETES Act, Verano Holdings acquisition of Goodness Growth Holdings, the state of crypto and more.
Of course, the House voted Friday to pass the America COMPETES Act, a bill that aims to increase U.S. competitiveness with China—specifically in relation to the nation’s shortage of semiconductors by strengthening the supply chain. The legislation was approved on a 222-210 vote, with support split down the middle on partisan lines.
The Bill’s Senate counterpart Bill, the US Innovation and Competition Act of 2021, passed with the support of 19 Republican Senators in June 2021. With the House version now passed and SAFE Banking now attached to the final version, the differences between the two bills will be reconciled by conference committee.
For cannabis investors hoping for movement in the unending federal regulatory gridlock, the outlook is still very much in doubt. Similar to last December when SAFE Banking was attached to the must-pass National Defense Authorization Act, the critical support of Senate Majority Chuck Schumer is in question. It is widely acknowledged that Mr. Schumer and cohorts were responsible for stripping away SAFE Banking’s inclusion in the NDAA—likely in favor of his own Cannabis Administration and Opportunity Act (CAOA) draft legislation, introduced in the summer of 2021. We he use his influence to stip out SAFE once again?
House Speaker Nancy Pelosi, D-Calif., said last week the COMPETES Act “will supercharge our investment in CHIPS, advance manufacturing at home, strengthen our supply chain, transform our research capacity and advance our competitiveness and leadership abroad.” She has vowed to support SAFE Banking in COMPETES, although it is unclear how much traction that will have. Support for SAFE Banking has never been an issue in the House, but rather, the power brokers in the current and past Senate.
To view Trade To Black Podcast 21, click here.