Nearly one year into this Congress, not one piece of cannabis legislation has been sent to the president's desk. There is growing fear among advocates that the window to act is closing.
As legalization has spread rapidly across the country, making inroads in even staunchly conservative states, the cannabis industry has blossomed into a $25 billion industry, with projections for it to top $40 billion by 2025. And it’s increasingly attracting powerful allies like banks and beer and cigarette makers that want a piece of the burgeoning market.
“I hope that at some point in the future, we as an industry are able to come together and actually put really significant resources into that type of spend that will move the needle,” Culver said.The recent showdown over cannabis banking highlights the struggles that the cannabis industry has faced.
Additionally, key lawmakers, most notably Senate Majority Leader Chuck Schumer, have been adamant that they don’t support easing banking access unless it’s paired with major criminal justice reforms. During the standoff over the NDAA, Schumer’s view prevailed, frustrating supporters of the cannabis banking bill.
Even though she asserted that the industry was maturing, Galoob added: “Should we be further along? Probably.”Even as cannabis has grown into a multi-billion dollar industry, there hasn’t been a corresponding increase in federal lobbying expenditures. In fact, many major cannabis companies and industry groups actually spent less on federal lobbying in 2021 than they did in earlier years.
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