With the House expected to vote on a cannabis-related bill this week, we have updated our visual memorandum to describe the three different cannabis bills—and three different approaches—facing Congress:

  • The Secure and Fair Enforcement Banking Act (SAFE Banking Act), up for a House vote this week, focuses specifically on the difficulties faced by the banking, insurance and payments sectors.
  • The Strengthening the Tenth Amendment Through Entrusting States Act (STATES Act) defers to state law, mandating that cannabis-related activities legal under state law should also be legal under federal law.
  • The recently introduced Marijuana Opportunity Reinvestment and Expungement Act (MORE Act) is part of a movement to fully legalize cannabis under federal law while addressing social justice issues.

We expect that legislative efforts in this area will continue to be influenced by each of these three approaches. This visual memorandum, which updates our July 22 briefing on federal cannabis banking reform, covers the SAFE Banking Act and its recent amendments, the STATES Act and the MORE Act, as well as recent developments in the regulation of hemp.

Read the full update

If you have any questions regarding the matters covered in this publication, please reach out to any of the lawyers listed below or your usual Davis Polk contact.

This communication, which we believe may be of interest to our clients and friends of the firm, is for general information only. It is not a full analysis of the matters presented and should not be relied upon as legal advice. This may be considered attorney advertising in some jurisdictions. Please refer to the firm's privacy notice for further details.
Copy link to share post