Politics
Marijuana Rescheduling Should Be Followed By Banking Access, Sentencing Reform And Legalization, Bipartisan Lawmakers Say
President Donald Trump’s marijuana rescheduling executive order represents progress, bipartisan lawmakers say. But with that policy change now moving forward, some key House and Senate members are previewing their priorities for future reform—from giving cannabis businesses access to the banking system to legalizing marijuana altogether.
The order Trump signed on Thursday directs the attorney general to complete a process to move cannabis from Schedule I to Schedule III under the Controlled Substances Act (CSA), which would not make it legal but would let cannabis businesses take federal tax deductions and lift certain research barriers. The action received uniquely bipartisan praise, a rarity in the current political climate.
But Democrats, as well as select GOP lawmakers, are making clear that rescheduling marijuana isn’t the end game, with a range of bills on the table to build upon the incremental reform that they want to push through.
That includes the Secure and Fair Enforcement Regulation (SAFER) Banking act to protect banks that service state-licensed cannabis businesses and the Cannabis Administration and Opportunity Act (CAOA) to end federal prohibition and address the harms of the drug war.
Here’s what lawmakers are saying about the rescheduling action and goals for additional reform:
Senate Minority Leader Chuck Schumer (D-NY)
“Though a step in the right direction, more must be done to decriminalize cannabis, ease overly restrictive banking regulations that stall industry progress in states where it is legal, and rectify the harms done by the War on Drugs,” Schumer said. “I remain committed to the SAFER Banking Act and the Cannabis Administration and Opportunity Act to accomplish these goals.”
House Minority Leader Hakeem Jeffries (D-NY)
Jeffries said he’s “supported marijuana reform throughout my entirety in public service, both in the New York State legislature and as a member of Congress—and have worked with the administration in the past to get criminal justice reform over the finish line connected to the First Step Act,” which deals with sentencing policy.
“We welcome any opportunity moving forward to continue that work to right size our criminal justice system to move away from the failed war on drugs,” the minority leader said, “which includes a failed war on marijuana and to deal with the mass incarceration epidemic that this country has suffered from that is both unfair and undermines our economic productivity.”
Rep. Dave Joyce (R-OH), co-chair of the Congressional Cannabis Caucus
“President Trump’s executive order to move cannabis from Schedule I to Schedule III is a meaningful step forward,” and it’s “reflective of the growing body of scientific evidence and medical research,” Joyce said. “For too long, Schedule I status has blocked research, distorted markets, and denied patients, especially veterans and seniors, access to treatments that could improve their quality of life.”
“Rescheduling opens the door to responsible regulation, evidence-based medicine, and a safer, more transparent cannabis market. It will help close the gap in information needed to support informed doctor–patient choice,” he said.
Rep. Brian Mast (R-FL), co-chair of the Congressional Cannabis Caucus
“President Trump can change the stigma around marijuana that fails to reflect its proven benefits, especially for veterans. By rescheduling, he will expand patient access and advance the America First agenda at a pivotal moment,” Mast said. “From its ability to ease chronic pain to its critical help for veterans healing from both visible and invisible wounds, I applaud President Trump’s decision to reschedule marijuana and improve the quality of life for so many.”
Sen. Jeff Merkley (D-OR)
Merkley, who has sponsored the SAFER Banking Act in past sessions, said the rescheduling action is a “step in the right direction, allowing medical research and legal cannabis businesses to be appropriately taxed on their net profits.”
“But this change from Schedule I to Schedule III still leaves these cannabis businesses in violation of criminal law because the production and use of cannabis for non-medical purposes remain a federal crime,” he said. “As such, these legal businesses are still prevented from accessing the banking system.”
“That remains a huge problem, encouraging all sorts of criminal activities, including robberies of cannabis businesses operating in all cash, false accounting, money laundering, and organized crime. That’s why we still need to pass the bipartisan SAFER Banking Act, which during his campaign, President Trump urged Congress to send to his desk.”
Ahead of the rescheduling announcement, the senator separately told Marijuana Moment that cannabis banking legislation was “on the back burner,” with Democrats focused on other priorities such as preserving health care subsidies under the Affordable Care Act.
“I will continue to push for fully descheduled cannabis—which is essential to addressing the harms perpetuated by the War on Drugs and the criminalization of cannabis on communities of color—and work with both Republicans and Democrats to advance common-sense cannabis reforms for banking services and medical treatment,” Merkley said.
Sen. Ron Wyden (D-OR)
Wyden said rescheduling is “just a half step that doesn’t include legalization, doesn’t put the nascent industry on stronger footing, and doesn’t do anything for the many Black and Latino Americans who are behind bars for the kind of cannabis use that millions of Americans engage in freely every day.”
“I’ll continue pushing to pass my Cannabis Administration and Opportunity Act into law, which would legalize cannabis at the federal level and right the wrongs of the failed War on Drugs,” he said.
Rep. Lucy McBath (D-GA)
