News

Senate Banking Committee to Vote on Cannabis Banking Bill

1 Mins read

The Senate Banking Committee is gearing up for a crucial vote on the SAFE Banking Act, a bill that aims to improve the financial industry’s ability to collaborate with cannabis companies.

The committee is expected to hold the vote on September 27, as reported by Politico. However, there is a possibility that the timing might change slightly, according to Punchbowl News.

If approved by the committee, the cannabis banking bill is projected to gather enough votes in the Democratic-controlled Senate. However, analysts caution that the Republican-controlled House of Representatives may either be indifferent or opposed to the measure. This could present challenges to its passage, and it may be more attainable after the 2024 election, potentially in December of that year.

In a setback for the industry, the cannabis banking bill was excluded from a comprehensive year-end package last December, which negatively impacted cannabis stocks.

Notably, on Friday, several cannabis-related exchange-traded funds and company stocks experienced significant gains. The AdvisorShares Pure U.S. Cannabis ETF (MSOS) rose by 7%, while the ETFMG Alternative Harvest ETF (MJ) increased by 4%. Additionally, shares of Tilray Brands (TLRY), Green Thumb Industries (GTBIF), Curaleaf (CURLF), and Canopy Growth (CGC) saw substantial trading upticks.

Related posts
News

Banking Regulations for Preventing Failures

2 Mins read
Banking regulators have the power to prevent future bank collapses, according to a panel of banking experts who emphasized the importance of…
News

Dave's Strong Q4 Performance

1 Mins read
Shares of Dave surged on Tuesday following the digital bank’s announcement of a profitable fourth quarter earlier than expected, with a positive…
News

DaVita Expands in Latin America

1 Mins read
Shares of DaVita reached record levels as the kidney care services company announced its significant expansion into Latin America through a $300…

Leave a Reply

Your email address will not be published. Required fields are marked *

83 − 74 =