Congress in the United States has threatened for years to act to give the cannabis sector access to banking. But nothing is done. Safer Banking Bill which was supposed to be passed in 2024 but stalled at the last minute after a year of great promise could now be revived.
Jim Higdon is the co-founder and CEO of Cornbread Hemp. He recently visited Washington D.C., to talk with politicians about the Farm Bill 2025. Jim Higdon also learned about the Farm Bill rescheduling effort and bank legislation.
Safest Banking
Higdon told reporters that during his most recent visit, he had learned from Senate staffers they are working actively on a “Safest Banking” banking bill. The legislators have decided to follow “SAFE” instead of using an acronym.
Higdon was told that while the new version will likely contain similar provisions to the previous one, a section of it is currently being revised.
Higdon stated that Mitch McConnell, a Republican Senator from Kentucky, was the one who slowed down Safer Banking.
McConnell, as the chairman of the Senate Rules Committee will once again be responsible for bringing it up on the Senate floor to vote. Higdon stated that some speculated McConnell was against the bills due to his role as Republican Leader. He no longer has this title. There’s doubt as to whether McConnell has changed his mind on the banking issue.
Higdon stated that, at least according to what I know in this day and age, for safest bank to leave the Senate it would have to negotiate with Sen. McConnell, who is the chairman of Senate Rules Committee. This will be quite a task.
Farm Bill
The 2024 Farm Bill, which was already two years overdue, received an extension until March 2025 – but even that deadline might get kicked down the road. Why? The Trump administration doesn’t consider it a top priority.
Higdon stated, “What we do know is that the Trump Administration, nor the Congress, has us on their list of 100-day priorities.”
At the close of the Biden Administration, there were attempts to pass a new bill. But a last-minute amendment by Rep. Mary Miller added a lot of restrictions and turned away many legislators. The bill failed. Higdon says that the amendment would force him to close his business.
“It was said that any products with even a small amount of THC will be criminalized. Even though the market is worth billions, it’s still illegal.” Consumers expect this. Higdon stated that the Mary Miller Amendment, “just to be clear,” would have forced Cornbread and other brands out of business.
He said that he does not think there is a desire for an amendment of this nature in the current Congress. He added that “what this means for how the Farm Bill takes shape in relation to hemp definition remains to be determined.”
Wyden bill
Insiders in the industry are keeping a close eye on Senator Ron Wyden (D – OR), who recently spoke about his plans to create a Cannabinoid Safety and Regulation Act. A similar bill was introduced in 2024 to establish hemp standards. However, it never passed.
There is no bill in this Congress, despite the fact that it has been discussed.
Higdon stated, “I am of the opinion that Wyden has been looking to find a Republican Co-Sponsor.” The bill would be significantly altered if a Republican co-sponsor were to join. It’s clear that there is a concerted effort, but the bill itself has not yet been introduced.
Rescheduling
Higdon said that while rescheduling seems to be bogged down in government processes, he had heard that other paths may be being considered.
“There is some talk that the Trump Administration could reinvigorate the Schedule III process and have the attorney general sign off on the HHS recommendation without the administrative law judge process that the Biden Administration put it through – a process that might not be statutorily necessary,” Higdon said.
The DEA is not interested in changing the cannabis schedule, he said.
“To remove it from its original purpose, would be to do so over their heads without their consent,” said he.
Beverages
Cannabis beverages combined with alcohol are also a hot topic. Cornbread has plans to introduce its own beverage in a matter of months. It is up against the established distribution model for alcohol that dates back to 1930. He stated that they wanted to monopolize this industry and hemp drink companies were disrupting it. It remains to be determined whether the alcohol industry will accept these drinks as a viable alternative.
Higdon has said that he will be increasing his Washington, D.C. visits in order to advocate for both his hemp business and the hemp industry.
“I want you to know that hemp is in it with cannabis.” We don’t work against the cannabis industries. Together, we’re working toward the same goals. “Our primary goal is finding a way forward in the realm of regulated products, which will ultimately benefit hemp as well as cannabis,” Higdon continued.