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The U.S. House of Representatives has again approved the S.A.F.E. Banking Act, this time attached as an amendment to the 2023 National Defense Authorization Act (NDAA). Despite bipartisan support for the reform, which would protect financial institutions that work with state-licensed cannabis businesses, Senate leadership has been reluctant to take up the issue. As a stand-alone bill, the measure is stalled in the Senate Banking Committee primarily because it does not include cannabis crime sentencing reform. This news comes as Democratic Senators Cory Booker and Ron Wyden say they are preparing to file a bill of their own that will address cannabis reform and decriminalization, including both banking and criminal justice.
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