U.S. House Democrats included a measure to safeguard banking firms that engage with state-licensed cannabis companies in a sweeping legislative package that cleared through the floor last week, which U.S. Senate Minority Leader Mitch McConnell (R-KY) subsequently described as a “poison pill.”
Sen. McConnell stated this week that the House-approved America COMPETES Act, which centers on economic competitiveness with the nation of China, “goes out of its way to include provisions on, listen to this, marijuana banking” in an address in the Senate chamber.
“China has been steadily building up its military and economic might, and the Democrats’ answer is to help Americans get high,” he added. “Needless to say, this is not a winning strategy for global competition between great powers. Any Democrats hoping to yank the bill to the far left, or insert poison pills, are badly, badly mistaken.”
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