Bank Of America, Mastercard, NRA And Others Are Lobbying For Cannabis Banking Reform — Who Knew?
Portfolio Pulse from Maureen Meehan
Several entities including Bank of America (BAC), Mastercard (MA), the NRA, GlaxoSmithKline (GSK), and others are lobbying for cannabis banking reform under the Secure and Fair Enforcement Regulation (SAFER) Banking Act. The Act aims to provide legal cannabis businesses access to banks and financial institutions. The Act has passed in the Senate Banking Committee and is expected to move to the full Senate and then to the House.
October 22, 2023 | 6:21 pm
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NEUTRAL IMPACT
Bank of America is lobbying for cannabis banking reform under the SAFER Banking Act, but has not disclosed its position on the bill.
Bank of America's lobbying for the SAFER Banking Act could potentially open up new business opportunities for the bank if the Act is passed. However, the bank has not disclosed its position on the bill, making it difficult to predict the exact impact on the bank's stock.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
GlaxoSmithKline has lobbied the FDA about CBD regulations and its marketing as a supplement or food additive.
GlaxoSmithKline's lobbying efforts could potentially influence the FDA's regulations on CBD, which could impact the company's business opportunities in the CBD market. However, it's unclear how these lobbying efforts will impact the company's stock in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Mastercard is lobbying for the SAFER Banking Act, which could potentially open up new business opportunities for the company.
Mastercard's lobbying for the SAFER Banking Act could potentially open up new business opportunities for the company if the Act is passed. However, the company previously prohibited all marijuana transactions on its debit cards, making it difficult to predict the exact impact on the company's stock.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70