“It is worth noting, however, that despite the bill’s significance, its pathway forward is a difficult one,” David Mangone, director of policy and government affairs for The Liaison Group, told Cannabis Business Times. “When you compare this piece of legislation to something like H.R. 1595, the SAFE Banking Act, it is heavily partisan and does not have the broad coalition of non-cannabis supporters that SAFE had. Primarily, this bill is being advance by the drug policy activism community and social justice groups–organizations that typically are on the left side of the political spectrum. The current political reality is one of concessions and compromise, especially when it comes to advancing legislation in the Senate.”
While the legislation is unlikely to pass and be signed into law during this legislative session, Mangone added that an eventual shift in power on Capitol Hill could propel the legislation forward, and businesses should be prepared.
“The MORE Act contains many lofty principles that businesses in the cannabis industry should already be working towards internally, including diversifying workforce and ownership opportunities, and working to correct the discriminatory impacts of cannabis enforcement,” Mangone said. “Chairman Nadler indicated that the MORE act would resolve issues with banking, the 280E tax provision and other challenges the industry currently faces, but reform on these concepts may have to be incremental to gain support of moderate Democrats, Republicans and, ultimately, the White House.”
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