GOP Senators Slam Cannabis Banking Reform, ‘Cartel Cash’ And Oklahoma At Chinese Money Laundering Summit
Senators Chuck Grassley (R-IA) and John Cornyn (R-TX) joined a chorus of criticism against state-legal marijuana markets and the pending cannabis banking reform legislation.
Their remarks are part of the ongoing debate surrounding marijuana policy, which will likely shift following Tuesday’s breaking news that the DEA intends to remove cannabis from its 50-year Schedule I status to the less onerous Schedule 3.
Grassley and Cornyn nevertheless raised objections to the proliferation of state-level marijuana legalization efforts and the lack of federal regulation in this area.
Speaking at a Senate hearing on International Narcotics Control, Chinese money laundering, which they referred to as “cartel cash,” came up as the meeting looked into the issue of fentanyl.
The Republican senators’ concerns about cannabis banking reform echo those of Senate Minority Leader Mitch McConnell who regularly takes the opportunity to air his opposition to the SAFER Banking Act, which would enable cannabis companies access to banks and financial institutions. In September 2023, the Senate …