Exclusive news and research on the wine, spirits and beer business

Banking Reform A 2023 Priority

December 20, 2022

With the news that it is not included in the appropriations bill making its way through Congress, the fate of the SAFE Banking Act looks sealed for this year. Barring a surprise standalone floor vote, SAFE Banking will not receive consideration or be approved by the Senate before the lame-duck session ends, pushing any chance of it becoming law to next year. SAFE Banking would open up numerous financial services to the cannabis industry like service from national banks but also outside investment and other provisions.

That sentiment comes from Senate Banking Committee chairman Sherrod Brown, of Ohio, who commented in recent days that he wants to “take it up and get it through” in 2023 and added that “there’s interest in the Republican House.” The comments are a blow to advocates and industry leaders, who had hoped to see passed by the Democrats following the midterms. Its chances in the upcoming congressional session are murky–while the bill enjoys strong bipartisan support it will still be an uphill climb.

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