President Biden’s move to reevaluate marijuana’s legal status and pardon federal weed convictions has reinvigorated momentum for congressional action to boost the ailing cannabis industry. 

Lawmakers see the lame-duck session as their best chance yet to pass the SAFE Banking Act, a bipartisan measure that would enable cannabis businesses to more easily access banking services and loans. 

The bill — which would be a boon for cash-only dispensaries that are plagued by robberies and exorbitant banking fees — has already passed the House six times in recent years. But it’s stalled in the Senate amid concerns from top Democrats who said it doesn’t do enough to support communities disproportionately harmed by the nation’s drug laws. 

Public pressure is building on Congress to take on marijuana reform, and lawmakers are showing signs of optimism about the prospects of a bipartisan marijuana banking bill that addresses those systemic issues making its way to the president’s desk this year. 

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