But because cannabis remains a federally controlled substance on par with heroin, banks insured by the federal government have been loath to make thei
But because cannabis remains a federally controlled substance on par with heroin, banks insured by the federal government have been loath to make their services available to the burgeoning marijuana industry.
Sales in that industry totaled $20 billion in 2020 and are projected to more than double by 2025, according to the bill. But those transactions are by and large in cash, without banking services.
“If states are the laboratories of democracy, it is long past time for the federal government to recognize that legalization has been a resounding success, and that the conflict with federal law has become untenable,” said Representative Jerrold Nadler of New York, the chairman of the Judiciary Committee.
Even as states move forward with legalization, people convicted on marijuana offenses — disproportionately people of color — remain imprisoned. The Congressional Budget Office estimated that the bill’s provision to expunge marijuana convictions and lower sentences would reduce time served by current and future inmates by 37,000 years.
“Make no mistake, this is a racial justice bill,” said Representative Barbara Lee, Democrat of California.
During the debate on Friday, House Republicans raised concerns that the bill would expose more children to cannabis and that it ignored mental health issues in adult users. Representative Andy Biggs, Republican of Arizona, mocked a Democratic colleague, Representative Steve Cohen of Tennessee, for mistaking today’s potent strains with those of his youth.
“He’s thinking pot is a drug where people get goofy and eat Cheetos,” Mr. Biggs said of Mr. Cohen.
But they generally skirted the issue, which is broadly popular in both parties, accusing Democrats of failing to address more pressing topics.
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