"Schumer Says Marijuana Banking Bill Needs More GOP Support, But Senate Is 'Getting Close' To Floor Vote" - MarijuanaMoment
Portfolio Pulse from Benzinga Newsdesk
Senate Majority Leader Chuck Schumer stated that the Senate is close to a floor vote on the SAFER Banking Act, which aims to reform marijuana banking laws. The bill requires more GOP support to reach the 60-vote threshold for passage. Schumer emphasized the public's support for marijuana legalization and the need to rectify harms caused by the drug war, particularly in minority communities. The bill includes provisions to support small minority businesses and may be further amended to address cannabis expungements and gun rights for consumers. Schumer has not personally used marijuana but supports legalization. Former NBA star Al Harrington, owner of cannabis company Viola, participated in the interview.
November 20, 2023 | 4:52 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
The ETFMG Alternative Harvest ETF (MJ) could see a positive impact if the SAFER Banking Act passes, as it would likely increase the stability and growth potential of the cannabis industry.
The passage of the SAFER Banking Act would directly benefit companies within the cannabis industry, which are constituents of the MJ ETF. This would likely lead to increased investment and growth in the sector, positively impacting MJ's performance.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
AdvisorShares Pure US Cannabis ETF (MSOS) could benefit from the potential passage of the SAFER Banking Act, as it would improve banking access for U.S. cannabis companies.
MSOS, which focuses on U.S. cannabis companies, would likely see a positive impact from the SAFER Banking Act as it would enable easier access to financial services for its holdings, fostering growth and reducing operational risks.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 80