The SAFE Banking Act, which would give banks assurances they could work with companies that sell cannabis, is seen by marijuana-industry analysts as having a good chance of passing. It had been held up by debate about whether it should address arrests and pardons, but Biden’s move Thursday to pardon thousands of Americans convicted for simple possession of marijuana has taken care of that.
Members of Congress are currently in their home districts ahead of the November election, so legislation such as SAFE won’t happen before then. If Republicans regain control of Congress, Democrats could opt to pass the bill in a lame-duck session before the new term in January. If Democrats retain control, they could opt to wait longer.
“If we get SAFE, I think you will start seeing at least more minority positions being taken in these companies; the tobacco companies, the alcohol and beverage companies all want to get into the sector,” Curaleaf’s Jordan said.
This article was provided by Bloomberg News.