Last week, Oregon’s U.S. Senator Jeff Merkley – the lead sponsor of the bipartisan SAFER Banking Act – issued a statement in response to President Trump’s announcement that he has signed an Executive Order directing the U.S. Department of Justice to complete the process of moving cannabis from Schedule I to Schedule III.

Merkley said, “Cannabis rescheduling is a step in the right direction, allowing medical research and legal cannabis businesses to be appropriately taxed on their net profits. But this change from Schedule I to Schedule III still leaves these cannabis businesses in violation of criminal law because the production and use of cannabis for non-medical purposes remain a federal crime. As such, these legal businesses are still prevented from accessing the banking system”.

Merkley said that remains a huge problem, encouraging all sorts of criminal activities, including robberies of cannabis businesses operating all in cash, false accounting, money laundering and organized crime. Merkley said, “That’s why we still need to pass the bipartisan SAFER Banking Act, which during his campaign, President Trump urged Congress to send to his desk”.

The release said Merkley, “has been a fierce and longtime leader advocating for sensible cannabis reform and cannabis business laws”.