Blumenauer says U.S. House will pass cannabis banking reform and consider rescheduling the plant

On January 9, the founder and co-chair of the Congressional Cannabis Caucus introduced H.R. 420, the Regulate Marijuana like Alcohol Act

(Pictured) Sponsor of the bill and Representative for Oregon’s 3rd congressional district, Earl Francis Blumenauer

Bethan Rose Jenkins, Cannabis News Writer/Editorial

On Friday, April 19, a leading pro-cannabis lawmaker affirmed his confidence in the U.S. House of Representatives passing a cannabis banking reform law later this year.

An Oregon-based Democrat and longtime legal weed advocate, U.S. Rep. Earl Blumenauer also predicted that a committee will consider rescheduling the cannabis plant at some point in 2019.

Blumenauer publicly revealed his predictions at his media teleconference, which takes place on an annual basis. His 25-minute discussion focused on the following:

  • The likelihood of the SAFE Banking Act being passed by the full House before spring is up. This banking bill would safeguard financial institutions and insurance companies that serve state-legal cannabis companies and ancillary services by providing them with federal protections.
  • The possibility of the House Judiciary Committee rescheduling cannabis some time this summer. Blumenauer based his prediction on a conversation he had with New York Democrat Judiciary Chair Jerry Nadler.
  • Growing support for cannabis legalization in the Republican-controlled Senate.
  • Legislative progress in permitting military veterans access to medical cannabis.

Blumenauer is a vocal proponent for cannabis legalization in the U.S.

Last year, Blumenauer authored a comprehensive blueprint for cannabis legalization in the 116th Congress. He often publicly discusses the topic of cannabis legalization in the U.S., for which support reached an all-time high in a recent CBS News poll that discovered legalization was favored by 65 percent of Americans.

“There’s almost universal acceptance,” he said, as he likened the support for medical cannabis to the Fourth of July. In October of last year, Blumenauer predicted that in the event of a Democratic-House flip – which actually happened the following month – support for cannabis reform would become “unstoppable.”

Currently, Blumenauer’s blueprint for action to end cannabis reform has been discussed with House committee chairs. An update is forthcoming.

Blumenauer introduces H.R. 420 to regulate cannabis like alcohol

On January 9, the founder and co-chair of the Congressional Cannabis Caucus introduced H.R. 420, the Regulate Marijuana Like Alcohol Act.

“While the bill number may be a bit tongue-in-cheek, the issue is very serious. Our federal marijuana laws are outdated, out of touch and have negatively impacted countless lives,” said Congressman Blumenauer.  “Congress cannot continue to be out of touch with a movement that a growing majority of Americans support. It’s time to end this senseless prohibition.”

This type of legislation would legalize cannabis by abolishing it from the Controlled Substances Act (CSA). What’s more, it would enable the industry to become a nationally regulated industry that is overseen by the Bureau of Alcohol, Tobacco, Firearms, and Explosives.