Marijuana Banking Bill Expected To Get A House Floor Vote Next Week, Sponsor’s Office Says
The last time I posted about weed stocks, I explained how US cannabis stocks (ie Trulieve/Cresco/Greenthumb/Curaleaf) are all awaiting big legislative changes throughout the year.
I’m posting now, because the first big piece of legislation, the SAFE act, is finally being introduced to Congress next week.
The message, which was sent to stakeholders on Friday by a staffer for Rep. Ed Perlmutter (D-CO), the bill’s sponsor, says that while the office is still awaiting scheduling confirmation, they “think the bill will be on the House floor for a vote early next week,” and that will be confirmed when the full calendar is released by House Majority Leader Steny Hoyer (D-MD) “later today.”
SAFE act is a game-changer US MSOs that currently bleed absurd amounts of money and resources because of harsh federal banking restrictions.
The legislation would ensure that financial institutions could take on cannabis business clients without facing federal penalties. Fear of sanctions has kept many banks and credit unions from working with the industry, forcing marijuana firms to operate on a cash basis that makes them targets of crime and creates complications for financial regulators.
As this news has been confirmed by a fresh leak (that was only published within the hour I’m making this post) there is an opportunity to buy the “rumour” in sense as the market has yet to react today. Noone knew when exactly this bill was coming until now so I would act fast if you’re interested in beating the hype storm that will come next week once this bill is officially revealed and passed by the House.