“If cannabis businesses are to have any hope of operating safely, transparently, and in a manner that is competitive with the existing underground market, Congress must pass SAFE Banking now.”
The Small Business Tax Equity Act provides an exemption for state-licensed cannabis businesses from federal tax code 280E, which prevents anyone engaged in the trade of certain federally prohibited substances from deducting business expenses.
As soon as next week, there will be a crucial vote in the US House of Representatives on an amendment to protect legal marijuana states from federal interference.
The Act repeals the long-standing federal prohibition of marijuana — thereby ending the existing state/federal conflict in cannabis policies and providing state governments with greater authority to regulate marijuana-related activities.
Representatives Eleanor Holmes Norton, Barbara Lee, and Earl Blumenauer recently sent a letter to the Executive Director of the United States Botanic Garden, Dr. Saharah Moon Chapotin requesting that male and female hemp plants be on display.
This week, a letter led by Representatives Earl Blumenauer, Don Beyer, Jared Huffman, Mondaire Jones, Barabara Lee, and cosigned by 25 other members, called on the Biden Administration to “…act within its power to stop legitimizing unfair cannabis laws.”
Today, 37 members of Congress, led by Congressional Cannabis Caucus co-chairs Barbara Lee and Earl Blumenauer, including Judiciary Committee Chairman Jerry Nadler, sent a letter to President Biden calling upon him to issue a blanket pardon to those with federal nonviolent marijuana offenses.
House lawmakers are preparing for a September floor vote on legislation – The Marijuana Opportunity, Reinvestment, and Expungement Act a/k/a The MORE Act — to remove marijuana from the federal Controlled Substances Act. The forthcoming vote would mark the first time since the passage of the Controlled Substances Act of 1970, which placed cannabis in the same category as heroin as a Schedule I controlled substance, that a Congressional chamber has voted to remove marijuana from its prohibitive classification.