Cannabis banking bill unlikely to be included in defense bill

House lawmakers have been unable to make a final decision on whether to consider a series of cannabis reforms as part of a large defense bill, citing disagreements over several key unresolved issues, reported Marijuana Moment. The offices of several Republican senators met with the Department of Justice to discuss their concerns with pending cannabis banking reforms.

The hope was that the Secure and Fair Enforcement Banking Act of 2021 and other reform legislation would pass as a part of the National Defense Authorization Act NDAA during this lame-duck session and ultimately end up on President Biden's desk. House Rules Committee Chairman Jim McGovern D-MA said the package is not ready yet, and that the committee will be ready to take it up as soon as the text is finalized, though he didn't provide details about the outstanding issues.

It's possible that the NDAA text could be finalized and taken up by the end of the day before the Rules panel adjourns, but it could also be the case that members reschedule their consideration of the bill for a later date, according to Kyle Jaeger, Kylejuana Moment's Kyle Jaeger.

The details about the SAFE Plus package that lawmakers have been negotiating include the inclusion of language on gun rights for marijuana consumers. Jaeger noted that cannabis reforms could still make it into the NDAA by the end of the year.

The Department of Justice issued a memo to congressional leaders regarding the SAFE Banking Act, indicating its concerns about the bill. The language in the initial House bill could complicate law enforcement investigations and prosecutions, according to Punchbowl News. Sources told Marijuana Moment that the differences have since been resolved.

Tilray Brands, Inc TLRY surged 11.79% at one point on Monday, and continued momentum after reaching a maximum of 25% since Nov. 28 and increased to $4.68 per share, up 2.18% at the close.

Other weed stocks rallied, but fell off on the speculation that the banking system might open up to cannabis companies.