A spokesperson for President Donald Trump says he remains supportive of both marijuana banking reform and federal rescheduling.
“President Trump continues to support marijuana banking, particularly the SAFER Banking Act, and also continues to support rescheduling marijuana,” a deputy communications director told The Marijuana Herald today via e-mail.
The SAFER Banking Act, which had strong bipartisan backing last session and is expected to be refiled soon, would provide marijuana businesses access to financial services by allowing banks to work with state-legal marijuana businesses without fear of federal penalties. The bill would also allow legal marijuana businesses to take standard IRS tax deductions.
Trump’s support of rescheduling marijuana indicates that the Biden Administration’s efforts to move marijuana to Schedule III may still have a chance of seeing enactment, despite a DEA judge cancelling a set of public hearings scheduled to begin January 21. The judge has ordered those involved to provide an update after 90 days.
The Department of Health and Human Services has recommended moving marijuana from Schedule I to Schedule III, which would allow medicines derived from marijuana to be prescribed nationwide in addition to giving state-legal patients and businesses a plethora of protections not currently afforded to them. However, the final decision rests with the DEA. Prior to cancelling the rescheduling hearing, Judge John J. Mulrooney II criticized the agency for failing to comply with procedural directives in its submission of evidence, calling their actions “unprecedented and astonishing”.
In addition to support SAFER Banking and rescheduling, President Trump last year endorsed a Florida initiative to legalize recreational marijuana – Amendment 3.
