Sen. Cory Booker (D–N.J.) says the dearth of financial services for state-licensed marijuana businesses constitutes a "cannabis crisis" that Congress must address as soon as possible. This is the same senator who, together with Senate Majority Leader Chuck Schumer (D–N.Y.), blocked marijuana banking reform in 2021, when Booker promised he would "do everything I can" to prevent its approval.
At best, Booker's striking about-face on this issue is evidence of a grave strategic miscalculation he made when he joined Schumer in arguing that the SAFE Banking Act, which would eliminate the threat of federal penalties for financial institutions that serve state-legal marijuana suppliers, would undermine the prospects of broader reform. At worst, it indicates that Booker is less interested in addressing the conflict between state and federal marijuana laws than he is in scoring political points by misleadingly blaming Republicans for the lack of progress.
