'New Federal Data Shows Record Number Of Banks Working With Marijuana Businesses As Senate Schedules Vote On Reform Bill' - Marijuana Moment
Portfolio Pulse from Benzinga Newsdesk
The Financial Crimes Enforcement Network (FinCEN) reports a record-high 812 banks and credit unions are now working with the cannabis industry in Q2 2023, up from 807 in Q1 and 773 in the previous quarter. This increase could be due to more states launching adult-use marijuana programs and financial institutions becoming more comfortable with cannabis clients as bipartisan congressional lawmakers work to enact the Secure and Fair Enforcement (SAFE) Banking Act. The Senate Banking Committee has scheduled a vote on the cannabis legislation for next week.
September 18, 2023 | 12:55 pm
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The increase in banks and credit unions working with the cannabis industry could potentially benefit KBE, an ETF that tracks a market-cap-weighted index of US banking firms.
As more banks and credit unions start working with the cannabis industry, it could potentially increase the overall profitability of the banking sector. This could in turn benefit KBE, an ETF that tracks a market-cap-weighted index of US banking firms.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The increase in banks and credit unions working with the cannabis industry could potentially benefit KRE, an ETF that tracks an equal-weighted index of US regional banking stocks.
As more banks and credit unions start working with the cannabis industry, it could potentially increase the overall profitability of the regional banking sector. This could in turn benefit KRE, an ETF that tracks an equal-weighted index of US regional banking stocks.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The increase in banks and credit unions working with the cannabis industry could potentially benefit XLF, an ETF that tracks a market-cap-weighted index of S&P 500 financials stocks.
As more banks and credit unions start working with the cannabis industry, it could potentially increase the overall profitability of the financial sector. This could in turn benefit XLF, an ETF that tracks a market-cap-weighted index of S&P 500 financials stocks.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80