SAFE Banking Act Headcount Challenge: Can It Reach 60 Votes in the Senate? Analyst Tally

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2023-09-19 16:37:33  • 6 mins

Zuanic & Associates' latest report outlines a roadmap for the SAFE Banking Act in the US cannabis industry, emphasizing the significance of rescheduling, US exchange uplisting, and a potential "Cole Memo II" (Garland Memo) as more critical catalysts than the SAFE Act itself.

On The Cole Memo II

  • The 2013 Cole Memo, named after former Obama-appointed Deputy Attorney General James Cole, adopted a hands-off approach to federal marijuana prosecutions in states with marijuana-friendly policies. It was rescinded in 2018 under Trump, giving federal prosecutors more discretion in marijuana-related cases.
  • AG Merrick Garland's stance coincides with a hands-off approach, suggesting a potential return to the Cole Memo's principles. This parallels the trend of state-level cannabis legalization.

Road Steps And Catalysts Ahead

According to Zuanic, delays in the mark-up vote could, potentially, signify positive developments. The SAFE Act filed jointly in both the House and Senate in 2023, has gained bipartisan support, and the delays may be aimed at securing more votes.

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