Cannabis Banking Act Added to Legislation – MSO Cannabis Stocks Rise
MSO Cannabis Stocks have had their worst downturn since February 2020 but there’s good news today from Washington and it’s giving cannabis stocks a nice bump.
Rep. Ed Perlmutter (D-Colo.) just attached the SAFE Banking Act, which would permit financial institutions in the United States to conduct business with legal cannabis entities, as an amendment to the America Competes Act.
Rep. Perlmutter announced the news on Friday afternoon by saying: “I have filed #SAFEBanking as an amendment to #AmericaCOMPETES b/c cannabis-related businesses – big and small – are in desperate need of access to capital & the banking system in order to operate in an efficient, safe manner & compete in the growing global cannabis marketplace.”
The SAFE Banking Act was approved by the House in September 2021. However, in December, the Senate struck this amendment from the defense spending bill.
The following MSO cannabis stocks are on the rise because of the news:
- Acreage Holdings (OTCQX:ACRHF)
- Cresco Labs (OTCQX:CRLBF)
- Curaleaf (OTCPK:CURLF)
- Green Thumb Industries (OTCQX:GTBIF)
- Jushi Holdings (OTCQX:JUSHF)
- Trulieve (OTCQX:TCNNF)
- Verano Holdings (OTCQX:VRNOF)
However, even if the House approves the SAFE Banking Act in 2022, we’re not certain the Senate would approve of the legislation.
Will the news merely serve as a band aid during this downturn? Only time will tell. We recommend that cannabis stock investors invest only in strong companies until the SAFE Banking Act passes the Senate.
Cannabis Banking Act Added to Legislation – MSO Cannabis Stocks Rise
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