Marijuana banking reform measure stumbles as it is left out of defense bill
Dec. 08, 2021 8:45 AM ETCuraleaf Holdings, Inc. (CURLF), TCNNF, GTBIF, CRLBFACRHFBy: Jonathan Block, SA News Editor113 Comments
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- Provisions that would allow cannabis companies in the U.S. to do business with banks were excluded from a larger defense bill currently under discussion by both chambers of Congress.
- The SAFE Banking Act passed the House in September as part the National Defense Authorization Act for fiscal year 2022.
- BofA Securities analyst Lisa Lewandowski says that it is unlikely the measure will be reinserted.
- Rep. Ed Perlmutter (D-Colo.), who has spearheaded efforts for the SAFE Banking Act, said, "My work on this bill is far from over....going forward, I plan to pursue every possible avenue to get SAFE Banking signed into law."
- Lewandowski notes that the disconnect between federal and state marijuana laws cannot continue long term given the $18B in legal cannabis spending last year and the growing market.
- Multi-state operators: Trulieve Cannabis (OTCQX:TCNNF), Curaleaf Holdings (OTCPK:CURLF), Green Thumb Industries (OTCQX:GTBIF), Acreage Holdings (OTCQX:ACRHF); and Cresco Labs (OTCQX:CRLBF).
- Read more about a Republican-sponsored bill introduced in the House last month that would legalize marijuana.