Sherrod Brown Says Bipartisan Deal For Cannabis Banking Reform Is 'Imminent'
Portfolio Pulse from Jelena Martinovic
Senate Banking Chair Sherrod Brown is optimistic about imminent banking reform for the cannabis industry. The Secure and Fair Enforcement (SAFE) Banking Act is expected to get a committee hearing in the next six months. The Department of Health and Human Services recommended that the DEA should reclassify cannabis from Schedule I to Schedule III status, which could exempt cannabis companies from IRS Code 280E and facilitate federal tax relief. Cannabis stocks rallied following the news.
September 08, 2023 | 12:06 pm
News sentiment analysis
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POSITIVE IMPACT
Cresco Labs may benefit from the potential banking reform and reclassification of cannabis, which could facilitate federal tax relief.
The potential banking reform and reclassification of cannabis could facilitate federal tax relief, which would be beneficial for Cresco Labs.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Curaleaf Holdings may benefit from the potential banking reform and reclassification of cannabis, which could facilitate federal tax relief.
The potential banking reform and reclassification of cannabis could facilitate federal tax relief, which would be beneficial for Curaleaf Holdings.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Green Thumb Industries may benefit from the potential banking reform and reclassification of cannabis, which could facilitate federal tax relief.
The potential banking reform and reclassification of cannabis could facilitate federal tax relief, which would be beneficial for Green Thumb Industries.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Trulieve may benefit from the potential banking reform and reclassification of cannabis, which could facilitate federal tax relief.
The potential banking reform and reclassification of cannabis could facilitate federal tax relief, which would be beneficial for Trulieve.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Tilray Brands may benefit from the potential banking reform and reclassification of cannabis, which could facilitate federal tax relief.
The potential banking reform and reclassification of cannabis could facilitate federal tax relief, which would be beneficial for Tilray Brands.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80