'Schumer Says Passing Marijuana Banking Bill 'Will Not Be Easy' And Needs GOP Support, As He Sets Agenda For Summer' - Marijuana Moment
Portfolio Pulse from Happy Mohamed
Senate Majority Leader Chuck Schumer has stated that passing a marijuana banking bill is a priority for the upcoming summer work session, but it will require GOP support to advance. The bill, known as the Secure and Fair Enforcement (SAFE) Banking Act, aims to protect banks and credit unions from being penalized by federal regulators for working with state-licensed cannabis businesses. However, the bill's passage is not guaranteed, with key GOP members having previously posed obstacles to the reform. The bill has yet to be scheduled for a committee markup, but lawmakers from both sides of the aisle are signaling that the votes are there for passage, provided there are no major contentions or hiccups along the way.

July 10, 2023 | 3:27 pm
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The passage of the SAFE Banking Act could potentially benefit Aurora Cannabis by providing easier access to banking services for cannabis businesses.
If the SAFE Banking Act passes, it would protect banks and credit unions from being penalized for working with state-licensed cannabis businesses. This could potentially make it easier for companies like Aurora Cannabis to access banking services, which could positively impact their operations and financial stability.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The passage of the SAFE Banking Act could potentially benefit Canopy Growth Corporation by providing easier access to banking services for cannabis businesses.
If the SAFE Banking Act passes, it would protect banks and credit unions from being penalized for working with state-licensed cannabis businesses. This could potentially make it easier for companies like Canopy Growth Corporation to access banking services, which could positively impact their operations and financial stability.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The passage of the SAFE Banking Act could potentially benefit Tilray by providing easier access to banking services for cannabis businesses.
If the SAFE Banking Act passes, it would protect banks and credit unions from being penalized for working with state-licensed cannabis businesses. This could potentially make it easier for companies like Tilray to access banking services, which could positively impact their operations and financial stability.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70