'Three In Five Americans Want Congress To Pass Marijuana Banking Reform, American Bankers Associations Poll Finds Amid Renewed Push' - Marijuana Moment
Portfolio Pulse from Benzinga Newsdesk
A new poll by the American Bankers Association (ABA) reveals that 63% of Americans support allowing marijuana businesses access to banking services. This comes as Congress sees a renewed push for the Secure and Fair Enforcement (SAFER) Banking Act, aimed at protecting banks serving state-licensed cannabis businesses from federal penalties. Senate Majority Leader Chuck Schumer and Senate Banking Committee Chairman Sherrod Brown have expressed high priority for passing the SAFER Banking Act, with bipartisan and bicameral talks being described as productive. The bill, which has faced delays due to disagreements over non-cannabis banking regulations, is gaining momentum with efforts to bring it to the Senate floor this year.
March 25, 2024 | 2:18 pm
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POSITIVE IMPACT
The ETFMG Alternative Harvest ETF (MJ), which tracks cannabis-related stocks, could see positive movement if the SAFER Banking Act passes, easing banking restrictions for cannabis companies.
The ETFMG Alternative Harvest ETF (MJ) is directly impacted by regulatory changes in the cannabis industry. The passage of the SAFER Banking Act would likely improve the operational environment for cannabis companies, potentially leading to increased profitability and growth prospects for constituents of MJ. This regulatory progress could enhance investor sentiment towards cannabis stocks, positively affecting MJ's performance in the short term.
CONFIDENCE 75
IMPORTANCE 90
RELEVANCE 80
POSITIVE IMPACT
The AdvisorShares Pure US Cannabis ETF (MSOS), focusing on U.S. cannabis companies, could benefit from the SAFER Banking Act, facilitating easier access to banking services for the industry.
As the SAFER Banking Act specifically aims to protect financial institutions serving state-licensed cannabis businesses, the AdvisorShares Pure US Cannabis ETF (MSOS), which invests in U.S. cannabis companies, could see a positive impact. Easier access to banking and financial services could lead to operational efficiencies and growth for these companies, potentially driving up their stock prices and, by extension, the performance of MSOS in the short term.
CONFIDENCE 75
IMPORTANCE 90
RELEVANCE 80